BoG Governor Urges Investors to Judge Country by Reforms, Not 2022 Crisis

London: Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, has urged international investors to assess Ghana based on the institutional reforms and economic frameworks implemented in recent years rather than the economic crisis that confronted the country in 2022. Speaking at the Ghana-UK Investment Summit in London, Dr Asiama said many investors continued to analyse Ghana through a crisis-era lens that no longer reflected current economic realities. According to Ghana Web, Dr Asiama acknowledged that concerns stemming from the Domestic Debt Exchange Programme and broader economic challenges of 2022 were understandable but stressed that significant reforms had since been undertaken. The Governor said both monetary and fiscal authorities had worked extensively to strengthen Ghana's economic foundations and restore investor confidence. He cited amendments to key legislation, including reforms to the Bank of Ghana Act, which now place stricter limits on central bank financing of government. According to him, some of the policy practices that contributed to economic instability in the past could no longer occur under the new legal framework. Dr Asiama also highlighted the introduction of stronger fiscal rules aimed at ensuring greater budget discipline and sustainability. Dr Asiama noted that macroeconomic stability had been restored and that Ghana was now better positioned to attract long-term investment. He said recent geopolitical tensions in the Middle East had temporarily interrupted the downward trajectory of interest rates. 'But for the Middle East crisis, interest rates would probably have been below 10 per cent by now,' he stated. He expressed optimism that once external pressures eased, the declining trend in interest rates would resume. Dr Asiama said Ghana was now focused on leveraging stability to drive economic transformation and attract both domestic and foreign investment. He urged members of the Ghanaian diaspora to take advantage of emerging opportunities and invest in the country. Accordi ng to him, diaspora investment could play a catalytic role in attracting additional international capital. The Governor said Ghana possessed the talent, capital, and institutional framework required to become a major investment destination in Africa. He envisioned the establishment of an international financial services centre in Accra within the next few years. Dr Asiama said Ghana had the potential to evolve into a leading financial hub on the continent if current reforms were sustained.