Under the governorship of Dr Johnson Pandit Asiama, the Bank of Ghana (BoG) has overseen a period of notable macroeconomic stabilisation and currency performance, with significant implications for the Ghana cedi’s strength, economic growth prospects, and business confidence in the country.

One of the most striking developments during Dr Asiama’s tenure has been the appreciation and relative stability of the Ghana cedi against the US dollar.

In 2025, the cedi registered one of its strongest performances in years, appreciating sharply at one point by over 37 percent year-to-date, making it among the best-performing currencies in Sub-Saharan Africa.  

Dr Asiama has emphasised that these gains are not the result of unsustainable currency manipulation, but rather the outcome of policy reforms and macroeconomic improvements, including enhanced foreign exchange market operations and improved external balances.

He clarified that BoG is not injecting large amounts of foreign reserves to artificially prop up the cedi, but relying instead on a combination of market reforms and stronger inflows such as remittances, gold and cocoa earnings. 

This relative strength in the cedi has helped ease exchange rate volatility, a chronic challenge for Ghana’s economy in past years, and contributed to greater predictability in pricing for importers and exporters alike. Beyond exchange rates, Dr Asiama’s leadership has coincided with meaningful progress on key macroeconomic indicators:

- Inflation has significantly declined from double-digit peaks historically to 3.8% underpinning confidence in price stability. 

- The BoG’s monetary policy stance including calibrated interest rate adjustments has supported disinflation while creating space for economic expansion. 

- Ghana’s gross international reserves have climbed to historic levels, providing several months of import cover and strengthening Ghana’s external buffer. 

- Trade data under Dr Asiama’s tenure show substantial trade surpluses driven by key exports, which have bolstered foreign exchange accumulations and market confidence. 

Such improvements suggest that Ghana is gradually moving away from acute macroeconomic stress and toward a more stable growth trajectory a trend business stakeholders view as critical for long-term investment decisions.

Dr Asiama’s policy communication has also played a role in restoring investor confidence.

By emphasising transparent monetary management and reinforcing that exchange rate gains are based on fundamentals rather than reserve depletion, the BoG has helped reduce uncertainty in financial markets.

The combination of a stable currency, declining inflation, and stronger foreign exchange reserves has encouraged portfolio inflows and improved sentiment among local and foreign investors.

Businesses operating in Ghana benefit from more predictable costs for imports and foreign-currency-denominated obligations, which in turn can support productivity, investment planning, and job creation. While the progress is evident, Dr Asiama himself has cautioned that the cedi remains exposed to external pressures especially given Ghana’s reliance on commodity export dynamics highlighting that resilience must be sustained through broad economic reforms and continued diversification of export earnings.

Nevertheless, under his leadership, the BoG’s focus on policy coherence, monetary discipline, and market stabilisation has been central to the cedi’s improvement, the strengthening of macroeconomic fundamentals, and renewed confidence within Ghana’s business community.