Ghana’s Economy Gradually Shifting from Recovery to Expansion, Says BoG Governor
Ghana’s economy is transitioning from a period of recovery into a phase of real expansion according to Bank of Ghana Governor Dr Johnson Asiama. Speaking at the 127th Monetary Policy Committee meeting he explained that recent data shows stronger and more broad based economic activity indicating a shift toward sustainable long term growth.
Dr Asiama emphasized that unlike previous years when growth was concentrated in a limited number of industries the current expansion is more diversified. He highlighted strong performances in agriculture manufacturing services and non oil sectors as key drivers of the improved outlook. This broader momentum he said reflects greater economic resilience and reduced vulnerability to shocks.
He attributed the progress to disciplined fiscal policy targeted monetary actions and structural reforms especially in foreign exchange operations. These reforms he stated have helped stabilise the cedi enhance liquidity in key markets and build stronger investor confidence.
The governor pointed to recent GDP data which shows rising non oil growth improved industrial activity and stronger consumer confidence. Businesses he said are reporting increased production levels and more optimism about future demand. This trend according to Dr Asiama is a clear indication that Ghana is gradually moving beyond short term recovery and entering a phase of sustained expansion.
Inflation moderation has also supported the positive outlook. Dr Asiama confirmed that inflation continues to decline and is expected to drop further in the coming months. He stressed that maintaining price stability remains a central objective as it helps protect household incomes and supports business planning.
Despite the promising trends Dr Asiama acknowledged that Ghana’s economy still faces risks. He cited global uncertainties including commodity price volatility geopolitical instability and tighter global financial conditions. Domestically he mentioned revenue mobilisation challenges infrastructure gaps and credit constraints as areas needing continued attention.
Economic analysts say the governor’s comments signal increased confidence in Ghana’s long term economic direction. Many believe that if the expansion continues the country could experience higher job creation increased investment and improved living standards.
However experts caution that the expansion must be inclusive. They call for policies that support small and medium enterprises agricultural value chains digital innovation and youth employment to ensure that the benefits of growth are broadly shared.
Dr Asiama expressed optimism that with consistent reforms Ghana can build a resilient economy capable of withstanding shocks while supporting sustainable development. He said the transition to expansion represents not only economic progress but also a renewed opportunity for structural transformation and long term national growth.
