ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
But through decisive reforms , fiscal, monetary, and institutional , we have reached a critical turning point.
Today, the Cedi has not only stabilized; it has strengthened significantly, supported by robust external buffers, prudent monetary policy, coordinated fiscal consolidation, and renewed investor confidence.
We must now move from stabilization to sustainability, and from headline gains to real sector benefits.
That is the heart of our conversation this morning.
UNDERSTANDING GHANA’S RECENT FOREX GAINS Overview of Recent Performance Let me begin by outlining the facts.
• The Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023.
• Gross international reserves now stand at US$11.1 billion, providing 4.8 months of import cover, up from US$8.98 billion at the end of last year.
• We recorded a trade surplus of US$4.14 billion in the first four months of 2025, with exports growing by over 60%, mainly from gold, cocoa, and oil.
• The current account surplus improved significantly to US$2.12 billion in Q1 2025, compared to just US$66 million a year earlier.
• Remittance inflows remain resilient, and Ghana’s IMF -supported programme has passed successive reviews, leading to a sovereign credit rating upgrade by S&P from Selective Default to CCC+.
These outcomes represent more than just statistical improvement.
They are a restoration of macroeconomic credibility , the kind that markets, investors, and citizens respond to with confidence.
Role of Policy Coordination How did we get here?
At the Bank of Ghana, we maintained a firm disinflation stance, raising and holding the monetary policy rate at 28%, conducting active Open Market Operations (OMO) to absorb excess liquidity, and enforcing discipline in the foreign exchange market through structured FX auctions and forward guidance.
These actions were not in isolation.
They were reinforced by the Ministry of Finance’s commitment to fiscal consolidation, as captured in the 2025 Budget and aligned with the structural benchmarks of the IMF programme.
What we are witnessing is the power of synchronized policy execution—where the central bank’s inflation-targeting mandate and the government’s expenditure rationalization converge to restore credibility, stabilize expectations, and anchor the Cedi.
The result is visible: • A steady return of portfolio inflows.
• A revival of domestic confidence in Cedi-denominated assets.
• An uplift in the Purchasing Managers’ Index (PMI) and the Composite Index of Economic Activity (CIEA) which rose 4.4% year-on-year in May 2025, reflecting rising business and consumer confidence CHALLENGES IN SUSTAINING FOREX GAINS Ladies and gentlemen, While the Cedi’s resurgence is commendable, it must not lull us into complacency.
Sustaining forex gains is a far more complex task than achieving them.
It requires anticipating headwinds, managing contradictions, and addressing deeply embedded structural challenges.
Volatility Risks First, the risks of volatility remain real and persistent.
Our current account and reserve strength are still largely dependent on a few commodity exports, gold, cocoa, and oil.
These sectors are highly vulnerable to price fluctuations driven by factors beyond our control.
For example, gold prices, which have significantly boosted our export earnings , are currently above US$3,200/oz, influenced by geopolitical uncertainty, including the recent Iran -Israel conflict.
While beneficial for now, a future correction in prices could quickly narrow our trade surplus.
Moreover, Ghana’s import profile is heavily skewed toward energy, capital goods, and essential commodities.
This creates seasonal forex demand spikes, particularly in the second half of the year.
Without diversification, even small shifts in global sentime nt or commodity cycles can trigger renewed pressure on the Cedi.
Behavioural and Market Risks The second challenge is behavioural.
We are still grappling with a deep -rooted culture of dollarization.
Too many businesses continue to price in dollars , in real estate, education, and luxury retail, despite transacting entirely within Ghana.
This practice not only violates legal tender laws but also undermines confidence in the Cedi.
Even more concerning is the mismatch between forex inflows and domestic reinvestment.
While export receipts have risen, a significant portion is either held offshore or not channelled back into productive activity at home.
Ghana’s formal savings rate remains low, and our export value retention, particularly among SMEs and in the informal sector, is far below potential.
Policy Dilemma Then there is the policy dilemma.
A strong currency improves terms of trade and helps lower inflation.
But prolonged appreciation can hurt export competitiveness, make Ghanaian goods less attractive abroad, and slow the industrial recovery.
The Bank of Ghana must, therefore, walk a delicate line, managing forex strength without over- tightening liquidity, which could suppress private sector credit and stifle the very growth we seek to encourage.
This balance is not static.
It requires constant recalibration based on evolving data and market behaviour.
LEVERAGING FOREX GAINS FOR ECONOMIC TRANSFORMATION Colleagues, it is not enough to stabilize the Cedi.
The real measure of success is whether we can translate forex stability into broad -based economic transformation , one that empowers businesses, creates jobs, and lifts the productive capacity of the nation.
Let me offer four priority areas where this conversion must occur.
Strengthen FX Retention and Circularity First, we must increase domestic retention and circulation of forex earnings.
Exporters should be encouraged not coerced to reinvest their earnings locally.
Tax incentives, preferential credit access, and public procurement schemes can be linked to evidence of local reinvestment.
We must also improve the ability of formal SMEs to earn and retain forex through digital channels.
This includes fintech-driven cross-border platforms, digital trade finance tools, and transparent export documentation systems.
If we empower SMEs to partici pate directly in international trade, we broaden the forex base and reduce concentration risk.
Diversify and Deepen the Export Base Second, Ghana must move beyond raw commodity dependence.
• In cocoa, it is time to scale value-added processing, branding, and retail export chains.
• In gold, we must accelerate efforts toward in-country refining and bullion storage.
• In oil and gas, investment in a petrochemical industry is now imperative.
Beyond commodities, we must invest in non-traditional and services exports.
Ghana has an untapped edge in information technology, digital finance, education services, architecture, and creative industries.
With the right regulatory support and market access frameworks, these sectors can generate stable forex, create high-quality jobs, and diversify our revenue streams.
Enhance FX Market Efficiency Third, we must build a more efficient, transparent, and liquid FX market.
In this direction, the Bank of Ghana will continue expanding FX forward auctions, while encouraging the development of basic derivatives markets that allow businesses to hedge currency risk.
We encourage financial institutions and corporates to explore hedging instruments —such as swaps and forwards—to better manage forex exposure.
These tools are not only risk mitigators; they deepen market sophistication and reduce panic-driven volatility.
Support Cedi Dominance and De-dollarization Finally, we must actively protect the Cedi’s role in the domestic economy.
• Enforcement of legal tender laws will be stepped up, especially in sectors where FX pricing has become normalized.
• The ongoing rollout of the eCedi will be integrated with retail payment ecosystems to ensure that even in a digital economy, the Cedi remains central.
• We are also finalizing a regulatory framework for Virtual Asset Service Providers (V ASPs).
This will bring cryptocurrency exchanges and digital asset platforms under formal oversight, aligning them with AML/CFT rules and ensuring that digital innovation supports, rather than undermines, FX control and monetary stability.
THE ROLE OF BUSINESSES AND FINANCIAL INSTITUTIONS Ladies and gentlemen, The Bank of Ghana has played its part and will continue to do so through sound policy, credible regulation, and institutional discipline.
But sustaining forex stability cannot be achieved by the central bank alone.
It must be embedded in how businesses operate, plan, and engage the financial system.
Anchor Forex Discipline in Corporate Strategy We encourage export -oriented businesses to reinvest their proceeds locally , not just as a patriotic gesture, but as a long-term strategy for profitability and resilience.
Firms that invoice in Cedis or adopt hedged forex positions are not only reducing their exposure to volatility; they are strengthening the ecosystem within which they operate.
Such firms deserve recognition and support , through access to tailored credit products, FX liquidity facilities, and procurement incentives where possible.
Let me be clear: the more value we keep within Ghana, the stronger the Cedi becomes —and the more sustainable our macroeconomic trajectory.
Build Resilient Business Models Beyond invoicing and reinvestment, I urge Ghanaian businesses to internalize forex risk as part of strategic planning.
• Do you understand your currency exposure across the value chain?
• Do you have a hedging or pricing mechanism for exchange rate fluctuations?
• Are you factoring FX conditions into investment and inventory decisions?
These are not questions for your finance department alone, they are boardroom-level concerns.
Financial literacy on forex management must deepen, not just among bankers, but across every sector that imports, exports, or manages capital.
Partner with the Central Bank Finally, we invite you to partner with the Bank of Ghana , not only as a regulator, but as a co - architect of Ghana’s monetary future.
• Share market intelligence that can improve our forward guidance and FX auction design.
• Collaborate in building fintech innovations that support cedi -denominated payments, credit access, and cross-border transactions.
• Join us in piloting and scaling initiatives such as the eCedi, which has the potential to transform payment infrastructure and reduce informal currency substitution.
Together, we can shift from a reactive posture to a proactive partnership, where businesses help shape the very environment they operate in.
Ladies and gentlemen, let me leave you with a thought: “Sustaining forex gains must not be about preserving numbers.
It must be about building resilience, expanding value, and ensuring these gains touch the lives of everyday Ghanaians.”
Stability in the foreign exchange market is not an end in itself.
It is a means, to lower inflation, to encourage investment, to improve planning, and to build an economy that serves its people more predictably and inclusively.
Towards a Sustainable FX Ecosystem Our vision must be a Ghana where: • Exporters thrive in a competitive, rules-based environment.
• The Cedi is trusted, digital, and dominant in everyday transactions.
• Monetary stability is matched by real-sector dynamism, where business expansion, job creation, and value addition become the true dividends of forex discipline.
This is the sustainable FX ecosystem we must build.
Not one managed from a control tower , but one co-owned by regulators, businesses, and citizens.
A Shared Responsibility Let us be reminded: macroeconomic stability is a public good .
It benefits all, and thus demands the participation of all, regulators, banks, exporters, importers, investors, the media, and the public.
We each have a role: • To uphold confidence.
• To respect currency laws.
• To educate and inform responsibly.
• And to ensure that Ghana’s recovery is not just technical, but transformational.
Closing In conclusion, allow me to once again commend Graphic Communications Group and Stanbic Bank Ghana for convening this important forum.
Your leadership in shaping national conversations like these is vital to the health of our economy and the quality of our policymaking.
As we engage in today’s panel discussions, I encourage open contributions and bold ideas.
Let us use this moment to forge a collective strategy for Ghana’s foreign exchange future —one built on credibility, capacity, and courage.
The Cedi is rising.
Let us ensure that Ghana rises with it.
Thank you and may God continue to bless us all.
14TH AFI LEADERS’ ROUNDTABLE SPEECH DELIVERED BY DR.
ZAKARI MUMUNI FIRST DEPUTY GOVERNOR, BANK OF GHANA ON BEHALF OF THE GOVERNOR, BANK OF GHANA TOPIC: STRENGTHENING CYBER RESILIENCE IN DIGITAL FINANCIAL SERVICES IN AFRICA 20 JUNE 2025 Distinguished colleagues, partners, and friends, It is a profound honour to welcome you to Accra for the 14th edition of the AFI Leaders’ Roundtable.
On behalf of the Bank of Ghana, I extend deep appreciation to the leadership of the Alliance for Financial Inclusion (AFI) for the privilege to host this critical gathering.
Your presence here today, from across Africa and beyond is a testament to our collective commitment to safeguarding the integrity, resilience, and inclusiveness of Africa’s financial systems in a fast-evolving digital era.
A New Era for Finance in Africa The rapid expansion of digital technology and financial innovation is reshaping our economies.
In Ghana and across the continent, digital financial services , mobile money, digital credit, agency banking are transforming lives, empowering small businesses, and extending the reach of finance to previously excluded populations.
Yet, this transformation brings new risks.
The very technologies that enable access and innovation also expose our systems to sophisticated cyber threats.
As regulators, we are now tasked with a dual responsibility: to promote inclusion while defending the integrity and resilience of our financial infrastructure.
Cybersecurity: A Pillar of Inclusive Finance The theme of this Roundtable , “Strengthening Cyber Resilience in Digital Financial Services in Africa” is both timely and urgent.
Cybercrime is not a distant risk; it is a present danger.
In 2022, Ghana alone recorded over 21,000 cyber fraud attempts in the financial sector most targeting digital platforms.
Across Africa, the cost of cybercrime is estimated to exceed $4 billion annually, according to Interpol.
This reality underscores a simple truth: financial inclusion without system integrity is unsustainable.
Cybersecurity is no longer an IT issue, it is a strategic imperative at the core of financial governance.
Public trust, institutional confidence, and systemic stability now hinge on our ability to anticipate, withstand, and respond to cyber risks.
Ghana’s Response: Embedding Resilience by Design The Bank of Ghana has long recognised this imperative.
In 2018, we issued one of the continent’s earliest Cyber and Information Security Directives for financial institutions, mandating risk -based frameworks, incident response protocols, and regulatory reporting.
Today, over 40 financial institutions are integrated into our Financial Industry Security Operations Centre (FINSOC) , enabling real -time threat detection and response.
We conduct annual cybersecurity maturity assessments , using international frameworks like NIST and COBIT-5, to inform supervisory action and identify systemic gaps.
In 2024, over 40% of assessed entities showed critical vulnerabilities particularly in access control and incident response.
We are addressing these gaps with targeted interventions.
Critically, we are not acting alone.
We continue to work closely with Ghana’s Cyber Security Authority, the World Bank, INTERPOL, and the Africa Cybersecurity Resource Centre to bolster expertise and coordinate responses at scale.
Inclusion Must Be Trusted At the heart of these efforts is the consumer.
In Ghana, mobile money accounts now exceed 70 million, introducing millions of first-time users into formal finance.
But with this growth comes greater exposure.
Complaints about failed transactions, fraud, and service disruptions are rising.
Our response has been multifaceted: • Strengthening consumer protection , including complaint resolution protocols and disclosure standards.
• Expanding financial literacy , particularly for women, youth, and underserved communities.
• Partnering with schools, religious bodies, and civil society to promote digital safety awareness at the grassroots.
We believe that inclusion must be built on trust, trust in the system, trust in providers, and trust that grievances will be addressed fairly and swiftly.
Gender-Responsive Finance: A Strategic Priority Beyond broad access, we are also committed to gender-inclusive finance.
In 2023, Ghana joined the African Development Bank’s AFAWA initiative, supporting financial institutions to unlock credit for women entrepreneurs through risk-sharing instruments and technical assistance.
Even more significantly, under the leadership of His Excellency President John Dramani Mahama, Ghana is establishing a Women’s Development Bank, with seed capital of GHS 51.3 million allocated in the 2025 budget.
This institution will directly address the persistent credit gap faced by women -led businesses particularly in agriculture, trade, and tech.
These initiatives reflect our belief that women’s financial inclusion is not a social obligation, but a smart economic strategy.
Regional Coordination: A Shared Responsibility Colleagues, cybersecurity threats do not respect borders.
No country, however advanced, can confront them alone.
That is why regional coordination —through platforms like AFI and AfPI is indispensable.
Through peer learning, harmonized supervision, and shared intelligence, we are building a collective response that reflects our unique regional realities.
We must continue to invest in common frameworks for: • Early warning and incident reporting, • Scenario-based preparedness exercises, • Proportionate regulation for fintechs and e-money providers, • And cooperative cross-border response mechanisms.
At the global level, Africa’s voice must also be heard.
Through active participation in standard-setting bodies such as the FSB, CPMI -IOSCO, and the G7 Cyber Experts Group we are helping shape norms that reflect our context and challenges.
A Collective Call to Action As we look ahead, I wish to issue a shared call to action: • Let us embed cybersecurity into every financial inclusion strategy , not as an afterthought, but as a foundation.
• Let us protect our most vulnerable consumers with clear safeguards, inclusive product design, and strong redress mechanisms.
• Let us invest in the supervisory capabilities and digital infrastructure needed to stay ahead of evolving threats.
• And let us deepen our regional cooperation, recognizing that the resilience of one is the protection of all.
Conclusion The digital financial future we envision is rich with promise, but that promise will only be realized if it is anchored in systems that are trusted, inclusive, and secure.
The work we’ve done this week , the insights shared, the tools exchanged, the partnerships renewed, are powerful signals of what is possible when we lead together.
I am confident that we have the will and the wisdom to build a resilient financial future for all Africans.
Thank you, and I wish us all a productive and impactful Roundtable.
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Speech By Dr.
Johnson P. Asiama, Governor, Bank of Ghana At the Ghana Association of Banks Industry Thought Leadership Event “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance” Tuesday, June 17, 2025 Chairperson, Mr.
John Awuah, CEO of the Ghana Association of Banks, Esteemed colleagues from ABSA and the broader banking community, Distinguished guests from the Ministry of Finance, the Cyber Security Authority, and partner associations, Ladies and Gentlemen, It is both a privilege and a strategic opportunity to address this thought leadership forum convened under the theme, “Banking the Last Mile: An Industry -Led Strategy for Accelerating Digital Finance.”
I extend deep appreciation to the Ghana Association of Banks and ABSA Ghana for organizing this timely and forward-looking engagement.
Setting the Context Ghana’s digital finance landscape is undergoing a rapid and profound transformation.
As highlighted in the Bank of Ghana’s March 2025 Summary of Economic and Financial Data, over 97% of digital transaction volumes and 72% of value are now processed through mobile money platforms, whereas bank digital channels account for less than 1% of volume.
Simultaneously, more than 4 million Ghanaians have accessed unsecured mobile loans, often beyond the reach of traditional financial institutions.
This divergence is not merely statistical, it is structural.
It signals a shift toward an ecosystem where fintechs and telcos are increasingly defining financial access and consumer behaviour, while banks must reimagine their role within a digitally fragmented environment.
In this context, the imperative to “bank the last mile” is no longer just a moral or developmental goal, it is a strategic necessity.
Yet, it is important to acknowledge how far we’ve come.
With over 24.2 million active mobile money accounts, growing fintech penetration, and sustained regulatory oversight, Ghana has built robust digital rails for payments and transfers.
Platforms like the Ghana Interbank Payment and Settlement Systems (GhIPSS) have played a pivotal role in expanding interoperability and ensuring that our digital financial infrastructure remains secure, resilient, and responsive.
But the next phase of transformation requires a shift in focus, from access to value, from connectivity to capability.
Recent surveys by the Bank of Ghana reveal that while digital account ownership is high, active usage, particularly for savings, credit, pensions, and insurance—remains low among low-income populations, women, and rural dwellers.
This highlights the real challenge before us: it is not only about expanding infrastructure; it is about designing relevant, inclusive financial products that meet the real needs of ordinary Ghanaians.
And that is precisely where industry -led strategies be come indispensable —to deepen engagement, unlock new value, and drive meaningful financial inclusion across every segment of society.
Cedi Stability As we deepen our collective efforts to accelerate digital finance, I understand that many are watching the macroeconomic landscape closely, particularly the performance of the Ghana cedi.
Let me take a moment to reaffirm that the recent stability of the ex change rate is not accidental, nor is it the result of artificial interventions.
Rather, it reflects the cumulative impact of sound monetary policy, enhanced transparency in the foreign exchange market, and improved external sector fundamentals.
The Bank of Ghana has adopted a disciplined, market-oriented approach, reducing its reliance on reserves and instead leveraging a more efficient FX auction framework, enhanced market surveillance, and stricter alignment of foreign exchange demand with real-sector transactions.
These measures have curtailed speculative pressures and ensured that foreign exchange flows reflect legitimate trade, investment, and remittance activity.
In parallel, the macro -fiscal adjustment being implemented under the IMF -supported programme is yielding results, fiscal discipline is restoring credibility, and external financing flows have improved.