Ghana’s economic recovery is real but remains fragile and vulnerable to external shocks, according to the Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama.
The Governor delivered this assessment on Monday while addressing the Pan-African Central Bank Governors’ Conference in Accra. His remarks tempered optimistic growth projections with warnings about underlying economic vulnerabilities that could quickly reverse recent gains.
The two-day meeting, themed “Central Bank Governance: Leadership, Credibility, and Resilience in African Central Banking,” forms part of the long-standing Bank of Ghana and Bank of England Technical Cooperation Programme, supported by the United Kingdom (UK) Foreign, Commonwealth and Development Office (FCDO).
Dr. Asiama told fellow governors and deputy governors that economic growth is returning across Africa, with regional growth projected at 4.1% in 2025, exceeding the global average. He noted that inflation, which peaked above 21% in 2023 across sub-Saharan Africa, has begun easing.
However, the Governor cautioned that these encouraging figures mask serious underlying risks. Several countries, including Ghana, are only beginning to emerge from years of economic strain requiring sustained discipline and policy consistency to rebuild resilience.
“Economic growth is returning across many of our countries. It is projected at 4.1 percent in 2025, which would be above the global average. And inflation across sub-Saharan Africa, which averaged over 21 percent in 2023, is also easing. But beneath this progress, colleagues, lies our fragility,” Dr. Asiama stated.
He identified high borrowing costs, limited fiscal buffers, and untested monetary policies as key threats that could undermine years of reform within months. The Governor emphasized that while stability is genuine, it remains young and faces ongoing tests.
“We still have to contend with high borrowing costs, thin buffers, and fiscal strains. Strains that can undo years of reform within months. In other words, our stability is real, but it is still young. It is still being tested,” he added.
Dr. Asiama’s assessment aligns with recent observations from S&P Global Ratings, which upgraded Ghana’s sovereign rating while warning that the recovery remains exposed to commodity price fluctuations and external shocks. The ratings agency noted that while Ghana’s economic outlook has improved with rising reserves and declining inflation, the recovery’s resilience remains uncertain as fiscal reforms and expenditure controls have yet to be fully tested.
During the conference, Dr. Asiama emphasized the critical importance of credible and resilient central banks in navigating Africa’s uncertain economic landscape. He called for stronger coordination between fiscal and monetary authorities to protect macroeconomic gains.
His message resonated with the conference’s focus on leadership and accountability, qualities that often determine whether central banks stabilize or amplify crises. The Governor’s remarks suggest that recovering from economic shocks differs fundamentally from building lasting resilience.
For Ghana, where the cedi has recently stabilized and inflation is forecast to fall below 10% in 2026, the challenge now involves transforming fragile progress into durable economic strength. The country is emerging from years of turbulence including pandemic-related disruptions, global supply chain problems, and a domestic debt crisis.
The Governor’s sobering assessment serves as both acknowledgment of genuine progress and a reminder that the foundation of Ghana’s economic recovery remains delicate. His call to guard recent gains reflects concerns that premature celebration could lead to policy complacency at a critical juncture.
The conference brings together central bank leaders from across Africa to share experiences and strategies for maintaining monetary stability amid persistent global economic uncertainty. The gathering highlights the shared challenges facing African economies as they navigate the complex path from crisis recovery to sustainable growth.
