The Governor of the Bank of Ghana, Dr Johnson Asiama, has described 2025 as a year of difficult but necessary economic decisions, declaring that the country has emerged from the adjustment phase with restored stability and renewed policy credibility.
Speaking at the Bank of Ghana’s New Year media briefing in Accra on Friday, January 16, Dr Asiama said the past year demanded discipline, restraint and tough choices across the economy, but the outcomes now justify the sacrifices made by households, businesses and institutions.
In frank reflections on the past year, the Governor acknowledged the strain adjustment placed on the economy and on ordinary Ghanaians, stressing that policy decisions were deliberately sequenced to restore stability rather than deliver quick fixes.
“Now, let me be frank. The year 2025 was not an easy one. It required difficult judgments. It required careful sequencing of policy actions, and it required sustained discipline across institutions.”
Dr Johnson Asiama
He described 2025 as “the year for adjustments” for markets, households and institutions, noting that new laws were passed, existing ones amended and fresh guidelines introduced to broaden financial intermediation within a single year.
Despite the challenges, the Governor commended the media for helping the public understand the rationale behind the decisions taken. According to him, clear and responsible reporting played a critical role in shaping expectations and confidence during the adjustment period.
Role of the media in economic stability
Dr Asiama underscored the importance of a free, independent and responsible media, particularly during periods of economic stress, warning that poorly contextualized reporting could unintentionally undermine confidence.
“Monetary and financial policy decisions are often complex,” he said, adding that “the way these decisions are explained, the way they are contextualized and the way they are reported, can therefore influence expectations, confidence and behavior across the economy.”
He emphasized that scrutiny of the central bank was not only legitimate but necessary. At the same time, he stressed the need for accuracy, balance and context in economic reporting.
“Our expectation as a central bank, therefore, is not compliance, but responsibility, accuracy, balance and context. Our commitment in return is openness, engagement and respect for your constitutional role.”
Dr Johnson Asiama
Data driven policy and institutional discipline
Explaining the philosophy behind Bank of Ghana policy decisions, Dr Asiama said the institution does not react to pressure, speculation or sentiment, but instead relies on evidence and medium-term risk assessments.
“We do not respond to pressure, we do not respond to speculation, and we do not respond to sentiment. We respond to evidence, we respond to risks and we respond to the medium-term outlook for price and financial stability.”
Dr Johnson Asiama
He added that stability was prioritized over speed in rebuilding credibility, noting that uncomfortable but sustainable policies were preferred to short-term measures that could undermine long-term outcomes.
“Central banking is collective. It is disciplined work,” he said, stressing that decisions are taken through established frameworks informed by analysis, debate and professional judgment.
Inflation falls sharply as stability returns
Dr Asiama described 2025 as a year of restoration for the Bank of Ghana, highlighting significant gains in macroeconomic stability and inflation control. “At the macroeconomic level, the bank’s foremost priority was anchoring inflation expectations and restoring stability through discipline,” he said.
He disclosed that inflation declined steadily from 23.8 percent in December 2024 to 5.4 percent by the end of December 2025, attributing the improvement to consistent policy execution and clear communication.
“These outcomes reflected consistency in policy execution and a deliberate focus on restoring credibility to the monetary policy framework,” the Governor said.
FX reforms, reserves and the gold programme
The Governor said major reforms in the foreign exchange market helped restore order and confidence, including the introduction of a rules-based FX option framework and stronger enforcement to curb market abuse. “In the foreign exchange market, 2025 marked an important shift toward greater transparency and order,” he noted.
He highlighted the strategic role of the Bank’s gold programmes, stating that they helped strengthen external buffers and moderate foreign exchange pressures.
As a result, Ghana’s gross international reserves rose to over 13.8 billion dollars, equivalent to about 5.7 months of import cover. “This was historic. I’ve not seen such level since I joined the central bank way back in 1995,” Dr Asiama said.
Legislative reforms and digital finance milestones
Dr Asiama pointed to the passage of the Bank of Ghana Amendment Bill 2025 as a critical institutional reform that strengthened central bank independence and accountability.
“If we had that in 2022 maybe, just maybe, we wouldn’t have had the haircuts,” he said, suggesting earlier reforms could have changed the trajectory of Ghana’s crisis response.
He also noted progress in payments infrastructure, digital finance and the passage of the Digital Services Bill, which laid the foundation for a regulated approach to emerging digital asset activities.
2026 focus shifts to consolidation
Highlighting the outlook for the new year, the Governor said 2026 will be about consolidating gains and embedding reforms into routine practice.
“With stability restored now, 2026 is about consolidation and discipline. The emphasis this year is quality over quantity, strong institutions, disciplined markets and policies that endure.”
Dr Johnson Asiama
He reminded the audience that behind every policy decision are real people facing rising costs and uncertainty, stressing that trust in the central bank must be earned through consistency, transparency and integrity over time.
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