By Constance Gbedzo
The Bank of Ghana (2020–2024) encountered considerable public backlash and unfavorable media coverage due to several prominent controversies.
Negative media coverage centered around two main issues: the public perception of insufficient openness and responsibility in its activities, specifically concerning Ghana’s financial challenges, and the contentious and rising expense of its newly constructed office building.
The central bank’s financial reports for the year showed substantial losses, including an operational deficit of GH¢9.49 billion recorded in 2024. These were primarily caused by costs associated with Open Market Operations and currency fluctuation losses.
Certain reviewers connected these losses with what they termed “unlawful” money creation, referring to the bank’s suspected activity of offering financial assistance to the government.
The ongoing decline of the Ghanaian cedi relative to key global currencies, mainly the U.S. dollar, became a significant cause for public frustration. Measures taken by the Bank of Ghana aimed at stabilizing the currency, such as pumping billions of dollars into the foreign exchange market, frequently appeared insufficient and only offering short-term solutions.
Although the bank sector reform (2017–2020) served as an essential step toward restoring economic stability, the absence of openness during its execution, along with ongoing consequences over time, remained topics of discussion and scrutiny among the general population.
Subsequently, one of the most notable and heavily scrutinized issues was the development of the Bank of Ghana’s new headquarters in Accra. This initiative, which took place throughout this time frame, drew considerable public criticism because of its rapidly increasing expenses. Initially planned with a budget of $81.8 million in 2020, the expenditure rose swiftly to $121 million after just eight months and was eventually expected to surpass $250 million upon completion in late 2024.
This sharp rise, especially within a contract denominated in dollars, became a significant point of public anger and sparked important concerns regarding financial administration and monitoring. The Bank of Ghana faced strong criticism for its “weak and ineffective defense” of the initiative and its unwillingness to disclose transparency concerning the ultimate expenses and purchasing procedures. This absence of responsibility intensified public doubt and resulted in claims of improper handling of funds and an “unregulated” style of leadership.
After being selected by President John Dramani Mahama and assuming duty in February 2025, Dr. Johnson Asiama has swiftly started advancing his vision as the Governor of the Bank of Ghana. His administration emphasizes openness, monetary steadiness, and fostering economic development.
In various public discussions, Dr. Asiama expressed a firm dedication to fostering openness and dialogue. He has clearly recognized the importance of more transparent communication about the Bank’s choices. For example, he suggested releasing the vote results from the Monetary Policy Committee (MPC) and improving the readability of policy announcements. This initiative seeks to bring the Bank of Ghana into line with global standards and assist financial markets and companies in predicting future policies more effectively. Such measures are anticipated to minimize ambiguity and strengthen trust in the central bank’s judgments.
Dr. Asiama has identified six main focus areas aimed at overcoming Ghana’s economic issues. These involve managing fluctuations in the exchange rate, keeping inflation under control, and enhancing the banking system. He has revealed intentions for specific actions, including a revised foreign exchange regulation and focused market activities, designed to boost reserve administration and prevent losses of foreign currency. Moreover, the Bank of Ghana is increasing its involvement in the Pan African Payment and Settlement System (PAPSS), facilitating trade using local currencies throughout Africa, thus decreasing dependence on the U.S. dollar.
Another major emphasis lies on ensuring the resilience of the banking system. The Governor is taking steps to tackle the problem of non-performing loans (NPLs) as well as poor risk control measures. Additionally, the Bank is revising the Banks and Specialized Deposit-Taking Institutions Act to improve the process for handling struggling banks. Meanwhile, efforts are being made to boost cyber defenses and reinforce capital standards within the finance industry.
Dr. Asiama is also supporting a digital era and greater financial accessibility. With Dr. Asiama leading, the Bank of Ghana is executing a digital plan aimed at updating its processes and increasing access to finance. This includes using financial technology (fintech) and mobile banking solutions to reach neglected populations.
The institution is also working alongside banks, tech companies, and global collaborators to create an efficient digital financial environment that facilitates safe exchanges and quicker international money transfers. A well-defined legal structure for digital currencies is currently being developed, aiming to introduce emerging financial technologies in a responsible and organized way.
Dr. Asiama’s calm yet resolute style of leading, combined with his extensive background at the Bank of Ghana, has drawn commendation from professionals in the field. His emphasis on data-driven choices and capacity to guide the organization towards resolutions instead of ideological discussions have been viewed positively, marking an encouraging shift that paves the way for increased trust and consistency within Ghana’s monetary framework.
Subsequently, on the financial front, after being named Minister of Finance in early 2025, Dr. Cassiel Ato Baah Forson has played a key role in Ghana’s initiatives aimed at achieving economic stability and lasting fiscal health.
Leveraging his significant background as a previous Deputy Minister of Finance and as the Chairperson of the Parliamentary Finance Committee, Dr. Forson has swiftly initiated several key strategies and changes. Among these priorities are his emphasis on financial responsibility and transparency, maintaining the stability of the cedi, and encouraging domestic industries.
A key aspect of Dr. Forson’s efforts has focused on promoting financial responsibility and openness. He has presented an extensive strategy aimed at resolving Ghana’s significant buildup of governmental debts, which have created pressure on the country’s economy. In response, he has launched a nationwide review of all pending obligations and payments, collaborating with the Auditor General and external auditing companies to confirm the validity of these liabilities.
Additionally, his department has made revisions to the Public Financial Management (PFM) Act. These updates aim to stop unauthorized spending from happening again by requiring that no governmental agreement may be accepted without previous approval from the Ministry of Finance.
He has additionally created an Autonomous Financial Commission to oversee compliance with updated budgetary regulations, such as benchmarks for the debt-to-GDP ratio and a mandatory yearly core surplus. This strategy aims to rebuild trust in Ghana’s economic administration and enhance responsibility within every governmental department.
One major issue when he took up his position was the instability of the Ghanaian cedi. Dr. Forson has openly expressed his dedication to reinforcing the national currency. He has introduced several steps, such as collaborating with the Bank of Ghana on managing foreign exchange and utilizing the recently launched Goldbod program. This Goldbod mechanism aims to provide Ghana greater oversight of its gold exports and is anticipated to increase foreign exchange reserves while easing strain on the cedi.
Another significant concern during his tenure was the fluctuation of the Ghanaian cedi. Dr. Forson has consistently emphasized his support for enhancing the value of the domestic currency. Among the actions taken were initiatives like partnering with the Bank of Ghana regarding foreign exchange strategies and employing the freshly implemented Goldbod project. The Goldbod scheme, created to offer improved regulation of Ghana’s gold shipments, is projected to enhance foreign reserve levels and alleviate stress on the cedi.
An important obstacle faced at the start of his term was the erratic performance of the Ghanaian cedi. Dr. Forson has made clear his determination to bolster the local money. His efforts have included launching various programs, notably cooperating with the Bank of Ghana on handling international monetary transactions and making use of the now active Goldbod plan. Designed to grant more authority over gold export activities, this Goldbod approach is believed to strengthen foreign exchange holdings and lessen demands on the cedi.
Besides stabilizing the currency, Dr. Forson has supported a fresh strategy designed to limit the influx of products that could be made within the nation. This move is part of an extensive plan to boost local production, aiming to generate employment opportunities, safeguard homegrown businesses, and decrease dependence on foreign goods. Additionally, he has pledged to tackle financial losses occurring at the harbors through cooperation with the Ghana Revenue Authority (GRA).
Under Dr. Ato Forson’s direction at the Ministry of Finance, leadership is characterized by a planned, evidence-based strategy for addressing Ghana’s financial concerns. Emphasis on systemic changes, budgetary responsibility, and promoting domestic enterprises has generated hope. His initiatives, including updates to the Public Financial Management Act and the Goldbod program, seek to resolve current economic problems as well as create a solid base for future development and success.
The collaborative efforts of Dr. Ato Forson and Dr. Johnson Asiama, along with their distinct approaches to leadership and shared expertise, have led to favorable macroeconomic outcomes within only eight months since His Excellency John Mahama returned for his second term. The economy began the year strongly, recording a Q1 2025 GDP increase of 5.3%, exceeding the 4.9% rise seen in Q1 2024 as well as early projections.
Core inflation has dropped considerably, decreasing from 23.8% in December 2024 to only 12.1% by July 2025. The Bank of Ghana sets an intermediate-term inflation objective at 8%, with a tolerance range of ±2%. The Ghanaian cedi has shown a strong recovery during 2025, gaining substantially compared to the U.S. dollar. By late July and early August 2025, the interbank midpoint rate remained approximately between GH¢10.4 and GH¢10.5 for every US$1.
This recognition stems from the Bank of Ghana’s strict monetary approach, enhanced foreign currency influxes from mineral exports (such as gold and cocoa), and optimistic investor confidence after successful debt renegotiation initiatives.
Government initiatives aimed at consolidating finances are beginning to yield positive outcomes. For 2025, the budget deficit is expected to shrink to approximately 3.9% of GDP, marking an enhancement compared to the 4.1% observed in 2024. Ghana has achieved notable advancements in handling its national debt. The proportion of public debt relative to GDP dropped significantly to 43.8% as of June 2025, representing a substantial reduction from 61.8% reported at the conclusion of 2024.
Following the sharp drop in inflation, the Bank of Ghana made a groundbreaking reduction of 300 basis points to its interest rate in July 2025, lowering it to 25%. This marked the initial decrease in almost twelve months and represented the biggest cut ever recorded by the central bank, reflecting assurance in the ongoing downward movement of prices.
Although the economic progress has been remarkable so far, significant efforts are still needed to achieve lasting economic inclusivity for Ghanaian citizens. The government must strongly advocate for its 24 Hour Plus Economic initiatives, as these have the capacity to broaden the economy, foster entrepreneurial growth and employment opportunities, and ensure replacement of imports.
I call upon the Ministry of Finance to leverage the positive initiatives of the Ghana Gold Board in launching innovative financial instruments aimed at boosting the sophistication and appeal of Ghana’s capital market, as well as supporting the growth of more developed financial systems.
In this manner, I am convinced that the standard of living for people in Ghana can be enhanced.
The writer specializes in risk management and organizational growth.
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