ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Ghana’s eCedi pilot reflects our ambition to build not only innovative payment systems, but public infrastructure that expands access and safeguards monetary sovereignty.
government’s $350 million Digital Transformation with Africa (DTA) initiative is a strong start.
But to truly deliver, it must integrate with national strategies such as supporting cybersecurity frameworks and cross-border digital payments.
This is not just a tech agenda—it is a development imperative.
Let me conclude with this: Ghana’s experience—of macro reform, trade diversification, and investment readiness—offers both a model and a mandate.
A model of resilience and partnership.
And a mandate to move further—toward value chains, regional alignment, and bold digital and financial transformation.
As we engage the new U.S.
administration, there is also an opportunity to recalibrate the terms of engagement.
We know what Africa must do.
But let me offer a few areas where the United States can act—not in charity, but in enlightened self-interest and shared prosperity.
First, AGOA reform must reflect Africa’s changing trade aspirations to support value-added exports, incentivize joint ventures between U.S.
and African firms, and ease compliance burdens for small exporters.
It must also expand into digital trade and e-commerce, where African innovation is growing rapidly.
Above all, eligibility criteria should be made more transparent and developmental—allowing countries to grow into compliance, not be penalized out of opportunity.
Second, the U.S.
should support Africa’s ability to trade competitively—by investing in both infrastructure and trade finance.
Through institutions like the U.S.
International Development Finance Corporation and EXIM Bank, the U.S.
can partner with African countries to strengthen ports, roads, and energy systems, while also helping scale trade finance hubs to support SMEs and emerging exporters.
These efforts should reinforce Africa’s own integration agenda under the AfCFTA—because greater regional connectivity benefits not just Africa, but also those who trade with us.
Third, we invite the U.S.
to partner with Africa on the future of digital and green trade.
Africa’s digital economy is expanding rapidly, and the transition to climate-smart growth is underway.
By investing in digital infrastructure, supporting tech entrepreneurship, and facilitating trade in clean technologies, the U.S.
can help unlock a new wave of inclusive growth.
The Digital Transformation with Africa initiative, in particular, should align more closely with African regulatory priorities—especially in areas like cybersecurity, payments, and digital identity, where countries like Ghana are already leading.
In summary, let us shape a future where Africa and the U.S.
are not just trading partners— but co-creators of prosperity.
Where American innovation meets African ingenuity.
Where partnership is not extractive, but transformational.
If Kosmos could help launch Ghana’s oil era, and Niche Cocoa could move from Accra to Wisconsin, imagine what the next chapter of U.S.–Africa trade could look like with the right policies in place Africa’s voice must be confident, coordinated, and catalytic.
This Forum is only the beginning.
The real work lies ahead—in the institutions we strengthen, the partnerships we deepen, and the future we shape together.
SPEECH BY DR.
ASIAMA GOVERNOR, BANK OF GHANA, AT THE MAIDEN HEADS OF BANKS MEETING IN 2025 APRIL 9, Good morning, colleagues.
Thank you for joining us again this morning, at this maiden post-MPC meeting with CEOs of banks.
This is the first under my tenure as Governor and I am happy to interact with you all at the start of my journey.
These engagements with you are central to ensuring a mutual understanding of policy direction and alignment in our collective efforts to foster macroeconomic stability and recovery.
As captains of industry, I want to acknowledge the journey that we all have travelled in recent years.
The last few years especially, have tested the resilience of our financial system—from the banking sector clean-up to the Domestic Debt Exchange Program (DDEP).
I do recognize that these events have had deep operational, financial, and reputational consequences for banks, and I want to commend you for the strength, professionalism, and commitment with which you have navigated these storms.
Many of the fallouts could have been mitigated, had the clean-up been more balanced and consultative; and the DDEP, too, could perhaps have been avoided entirely with earlier coordination and foresight.
We cannot change the past, but we can learn from it—and it is my intention to build forward with greater collaboration, trust, and accountability between the central bank and all of you.
Recent MPC Decision Let me now turn to the policy decision taken by the Monetary Policy Committee at its most recent meeting, which was the 123rd.
As you are all aware, the Committee by a majority decision, raised the policy rate by 100 basis points to 28.0 percent.
This decision is aimed at reinforcing the disinflation process, which, while underway, remains too gradual to secure lasting stability.
The decline in headline inflation from 23.8 percent in December to 22.4 percent in March confirms that recent policy actions are having the intended effect.
However, inflation expectations remain elevated, and core inflation is still above the medium-term target.
With private sector credit and broad money supply expanding, demand-side pressures could re-emerge without continued vigilance.
The Committee therefore adopted a proactive stance—guided by recent experience that delayed tightening can result in more persistent inflation and costlier adjustments.
Governor Dr.
Johnson Asiama The policy rate increase also strengthens external buffers, supports the cedi, and signals our commitment to macroeconomic stability at a time of heightened global uncertainty.
However, we also recognize that the policy rate hike will affect borrowing costs for businesses and households.
While the policy tightening will affect funding costs and credit pricing in the near term, the financial system is well-positioned to absorb these effects.
We therefore urge banks to exercise prudence in adjusting lending rates and maintain transparent communication with clients.
Viable businesses should continue to receive support, and tailored solutions should be explored to mitigate the impact on the most vulnerable sectors.
Outlook for the Banking Sector Let me outline how the banking sector is positioned to support recovery and resilience.
Overall, we continue to witness broad-based improvement in financial stability, though we remain keenly aware that persistent challenges require our continued and focused efforts.
The recent gains in macroeconomic stability following the DDEP, the improved profitability of banks amid the structural high liquidity and continuing recapitalization are improving the soundness in the banking sector.
Even without reliefs, the Banking Sector Soundness Indicator (BSSI) showed sustained improvement on the back of improving solvency and asset quality measures amid strong liquidity and profitability.
The banking sector continues to experience strong asset growth, expanding by 34.05 percent year-on-year at end-February 2025—funded primarily by deposits, which also grew by 27.89 percent.
The industry remains solvent, recording a Capital Adequacy Ratio (CAR) of 14.35 percent, above the regulatory minimum of 10 percent, with most banks maintaining capital adequacy ratios above thresholds.
Nonetheless, solvency concerns persist for a few domestically controlled and state-owned banks, where recapitalization efforts remain unclear.
Addressing the capital shortfalls in these banks remains a priority.
We are working closely with the affected institutions to achieve sustainable capital levels, restore depositor confidence and ensure compliance with regulatory requirements.
Our supervisory engagement has intensified to assess the credibility of recapitalization strategies and to mitigate potential systemic implications.
Private sector credit is recovering, but credit risk remains elevated.
Non-performing loans have risen, largely due to growth in legacy exposures.
The NPL ratio stood at 22.57 percent at end-February 2025.
Excluding the fully provisioned loss-category loans, the adjusted NPL ratio was 8.93 percent.
This trend reflects ongoing deficiencies in credit risk management practices, including weak underwriting standards and inadequate provisioning.
To address rising credit risks, we urge all banks to strengthen their risk management frameworks— improving underwriting, early warning systems, and provisioning practices.
We expect tangible improvements in loan origination, monitoring, and credit review.
The financial landscape is evolving rapidly, with fintechs and non-traditional players introducing both opportunities and risks.
While many operate under lighter regulatory regimes, banks must respond with innovation, agility, and a sharper focus on customer-centric services.
We encourage strategic partnerships, digital transformation, and product innovation—while the Bank of Ghana deepens its engagement with non-bank financial service providers to ensure innovation thrives within a stable, well-supervised ecosystem that supports financial inclusion and protects consumers.
threats seriously and urge all financial institutions to match that level of commitment.
Let me also take advantage of this gathering to emphasize the need for unwavering vigilance and full compliance with AML obligations.
As we enter the Third Round of mutual evaluation by GIABA next year, our collective goal must be a first-time success.
History shows we’ve struggled in past rounds, and we cannot afford to be grey-listed again—especially given the outsized impact that reputational and financial penalties would have on the banking sector.
Lessons from past bank resolutions continue to shape our crisis preparedness.
We are refining our supervisory and resolution tools—including work to strengthen recovery planning and introduce a Resolvability Assessment Framework—to ensure banks are both well-capitalized and resolvable in distress, especially in an increasingly interconnected system.
As we deepen reforms and reposition the financial sector for the future, it is equally important to reflect on how banks can do more to drive Ghana’s economic transformation.
One critical area is trade facilitation and regional integration.
We expect stronger support—especially from foreign-owned banks—for trade finance, cross-border payment infrastructure, and platforms like PAPSS.
The Bank will engage with the sector to develop coordinated, practical solutions that improve transaction efficiency, expand export support, and enhance Ghana’s competitiveness in regional and global trade.
Forward-looking Supervision Colleagues, to build true resilience, we must move decisively beyond traditional, reactive supervision toward a more forward-looking, risk-sensitive, and system-aware model.
This shift is not just about enforcing compliance—it is about shaping a banking system that is agile, accountable, and prepared for the future.
Our strategy is anchored in a few key areas: The first, focus is on Risk Identification and Mitigation: We are enhancing our use of data analytics and early warning indicators to identify emerging risks—whether in asset quality, cybersecurity, fraud, liquidity, or systemic buildup of non-performing loans.
For example, the 2024 Fraud Report revealed a 5 percent increase in fraud cases and a 13 percent rise in value at risk, reinforcing the urgency of stronger internal controls and oversight.
As digitalization and financial interconnectedness deepen, new operational and systemic risks are emerging.
While banks have made progress on cyber resilience, the evolving nature of fraud and financial crime demands continued vigilance.
We urge all banks to strengthen internal controls and enhance oversight of operational areas to stem this trend.
The responsibility for securing banking products and services must fall more squarely on institutions than on the average customer, who relies on the integrity of systems and due diligence.
The BOG’s Information Security Office continues to share real-time threat alerts, and institutions are expected to act swiftly under the Cybersecurity Directive.
We take cyber Governor Dr.
Johnson Asiama Secondly, we must build Digital Resilience: We welcome digital innovation, but it must be pursued with discipline and matched by robust cybersecurity, operational resilience, and governance.
Banks must assume greater responsibility for the safety of their systems, product integrity, and customer protection.
Accordingly, we expect banks to invest significantly in product security features, expand public financial education, and alert customers swiftly on emerging fraud typologies.
Institutions are expected to act swiftly under our Cybersecurity Directive.
The third area of focus is Governance and Compliance: Sustainable banking requires strong governance at the core.
Ethical lapses and weak internal controls are not isolated risks, they have systemic consequences.
We are deepening our supervisory focus on board effectiveness, compliance culture, and accountability across all levels of institutions.
Compulsory Basel III & IV Training for all Bank Directors to enhance regulatory knowledge and governance among bank directors, is under consideration.
Fourth area is Enhancing Collaboration: Effective regulation cannot be unidirectional.
We are committed to an open, collaborative dialogue with banks and policymakers to ensure that regulatory responses are well-informed, proportionate, and responsive to the realities of the market.
We must co-create solutions, not merely enforce rules.
Fifth, we must Build Capacity for Future Challenges: We recognize that the future will bring unfamiliar risks, AI in finance, climate shocks, geopolitical volatility.
That is why we are investing in upskilling our supervisory teams to match the pace of innovation and complexity.
This is about future-proofing our regulatory capabilities.
Lastly, we will Prioritize Sustainability Oversight: ESG and climate-related risks are now part of our onsite examinations.
These are not peripheral issues, they directly influence credit risk, reputational exposure, and long-term viability.
Our findings will shape supervisory expectations and help drive a transition toward more responsible, sustainability-conscious lending practices.
Colleagues, the era of backward-looking supervision is over.
What lies ahead demands that we reframe our mindset, not just to comply with the present, but to shape the future.
Resilience will depend not on avoiding risk altogether, but on managing it wisely, transparently, and in alignment with broader economic and environmental goals Conclusion Before I conclude, let me offer a broader reflection on the moment we are in, and the road ahead for our financial system.
Colleagues, financial institutions like yours are essential to Ghana’s economic growth.
You don’t just allocate capital and manage risk—you directly impact lives: the smallholder farmer accessing a seasonal loan, the SME expanding operations, or the graduate opening their first bank account.
The trust you build shapes livelihoods.
Despite the shocks of the financial sector clean-up and the DDEP, banks have shown resilience.
While capital markets are still regaining traction, your efforts have been central to maintaining financial stability.
I, once again, commend your dedication through these challenges.
But the landscape continues to shift—technology, evolving customer expectations, and regulatory demands require us to adapt boldly.
Together, we must rebuild confidence and position the sector to support inclusive growth.
As we begin this next chapter, let us renew our shared commitment to a stable, inclusive, and innovative financial system.
One that safeguards the most vulnerable, embraces responsible technology, and expands access across geography and income.
Financial inclusion isn’t just a goal—it’s a necessity.
As regulators, the Bank of Ghana stands ready to support you—through policy, dialogue, and collaboration—to build a system that truly serves our people and supports long-term growth.
Looking ahead, as we continue this path of recovery and reform, it is essential that our immediate actions—like the recent policy decision—remain anchored in a clear, long-term vision.
At my swearing-in, I outlined six priorities: strengthening monetary policy, preserving exchange rate stability, deepening financial intermediation, advancing innovation and inclusion, improving coordination while safeguarding our independence, and restoring the Bank’s equity position.
These priorities will continue to guide our path—and with your partnership, I am confident we will deliver a stronger, more resilient, and inclusive financial system for all Ghanaians.
Governor Asiama with CEOs of Banks
123RD MONETARY POLICY COMMITTEE MEETINGS OPENING REMARKS BY DR.
JOHNSON ASIAMA GOVERNOR, BANK OF GHANA 24TH MARCH, 2025 AT THE BANK SQUARE, ACCRA Good morning, esteemed colleagues.
Let me extend a warm welcome to all of you to this 123 rd regular meeting of the Monetary Policy Committee.
I want to thank each of you—both internal and external members—for your continued service and commitment to this vital process.
Though this is my first MPC meeting as Governor, I am certainly no stranger to the MPC process.
During my time as Deputy Governor, I had the opportunity to engage deeply in MPC deliberations.
Since then, I have continued to follow the work of the Committee closely, and it is both an honour and a privilege to now chair this important institution at such a critical time in our economic journey.
Let me also take a moment to acknowledge and commend the external members of the Committee—Professors Joshua Abor and Ebo Turkson—for their long-standing contributions to the MPC.
Just last week, Prof.
Abor launched a timely publication on monetary policy in emerging markets, reaffirming the continued relevance of inflation targeting and the importance of credible, forward-looking central banks.
As we begin today’s deliberations, I want to reflect briefly on two institutional areas I believe we can further strengthen going forward: the transparency of our decision-making process and the communication of our forward-looking guidance.
There’s a growing sense in public commentary that MPC decisions are taken behind closed doors without clear, data-driven reasoning.
To counter this, I am proposing that we implement mechanisms to make the Committee’s decision factors more accessible—whether through publishing voting outcomes or enhancing the narrative content of our policy statements.
Similarly, we need to work on simplifying the way we present forecasts so the public and market participants can better understand the underlying policy story.
These changes, in my view, will strengthen our credibility and deepen trust in the policy framework.
Now turning to the macroeconomic context in which we meet.
While inflation is easing, it remains uncomfortably high, at over 23 percent, and progress has been slow, particularly on a month-on-month basis.
For instance, structural drivers of food inflation remain persistent.
The external environment, though currently supportive, is becoming increasingly volatile.
We’ve seen a strong trade surplus and solid reserve build-up on the back of gold exports and remittance flows.
But a possible escalation in global tariff wars, rising geopolitical tensions, and weakening Chinese demand could quickly shift the dynamics.
These global factors could also have spillover effects on inflation, capital flows, and exchange rate stability.
Domestically, the 2024 fiscal outturn was expansionary, with the deficit exceeding program targets.
We have seen encouraging signs of consolidation early in 2025, but questions remain as to whether current measures are adequate to anchor expectations and satisfy upcoming IMF program reviews.
Financial conditions are evolving quickly.
Liquidity in the system has increased, commercial banks have raised concerns about the CRR framework, and we must carefully assess its macro-financial implications—especially with respect to inflation, foreign exchange demand, and credit growth.
While private sector credit is recovering in nominal terms, real credit growth remains modest.
Banks are still cautious, and NPL levels remain a concern.
Meanwhile, our microfinance and rural banking sectors are showing early signs of stability, but recapitalization and regulatory reforms must continue to preserve confidence.
We must also acknowledge that some of today’s challenges stem from earlier monetary and fiscal policy missteps—particularly loose fiscal policy during periods of macro stress, weak monetary-fiscal coordination, and delays in key structural reforms.
These contributed to elevated inflation, impaired policy transmission, and a loss of credibility.
It is essential that we reflect on these issues—not to assign blame, but to strengthen our institutions and avoid repeating past mistakes.
There are also deeper, structural issues we must not lose sight of—such as underinvestment in agriculture, persistent exchange rate misalignments, and the need to deepen domestic financial markets.
These are outside the scope of today’s immediate rate decision, but they will shape the broader monetary policy landscape over the medium term.
In short, we are facing a convergence of risks: stubborn inflation, elevated liquidity, soft real interest rates, a fragile fiscal recovery, and growing external uncertainty.
But we also have buffers—strong reserves, improving sentiment, and the credibility of our policy framework— to guide us.
Our task over the next few days is to weigh these developments rigorously, and to reach a policy stance that reinforces the disinflation path without undermining the recovery or destabilizing market expectations.
I trust that our discussions will be candid, evidence-based, and guided by our shared mandate of maintaining price stability and supporting sustainable growth.
With these reflections, I now formally declare the 123rd meeting of the Monetary Policy Committee open.
I invite the team to begin with the macroeconomic briefing.
WELCOME ADDRESS BY THE GOVERNOR AT THE INAUGURATION OF THE BOARD OF DIRECTORS BANK OF GHANA THURSDAY, 13TH MARCH 2025 Your Excellency, the Vice President of the Republic of Ghana, Distinguished Board Members, Esteemed Guests, Ladies and Gentlemen, It is with great honour and deep appreciation that I welcome you all to this significant occasion— the inauguration of the Board of Directors of the Bank of Ghana.
This moment marks the beginning of a new chapter for our institution, as we embark on a renewed commitment to financial stability, sound monetary policy, and economic resilience.
Your Excellency, your presence here this morning underscores the importance that the government places on the work of this central bank.
The role of the Bank of Ghana has never been more critical.
We stand at a time of significant economic challenges —macroeconomic instabi lity, rising inflationary pressures, currency volatility, and fiscal constraints—all of which demand urgent and strategic action.
This Board, composed of esteemed professionals with vast expertise, is tasked with guiding the Bank’s policy direction and ensuring that we navigate these challenges with boldness, integrity, and accountability.
Our mission is clear: we must restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance.
As we officially commence our work today, we do so with an understanding of the weight of responsibility on our shoulders.
The decisions taken here will not only shape the future of the Bank but also impact businesses, households, and the overall economy.
This morning’s inauguration provides us an opportunity to reaffirm our commitment to excellence, transparency, and independence in our monetary and financial policies.
Your Excellency, Ladies and Gentlemen, we are honoured to have you lead this inauguration, and we look forward to your remarks, which will no doubt set the tone for our work ahead.