Policies are being put together to reduce and stabilize inflation - Governor  

Dr. Johnson Asiama – Governor of Bank of Ghana

Dr. Johnson Pandit Asiama is the Governor of the Bank of Ghana. He stated that steps are being taken to reduce inflation and build reserves. This is part of sound fiscal policy measures.

He spoke at the African Leaders & Partners Forum in the U.S. The theme was “Africa & The U.S.: Shaping A Trade-Driven Future.”

In 2024, total U.S. goods trade with Africa reached $71.6 billion. There was a $7.4 billion surplus for Africa.

The Governor emphasized that stability is not enough for sustainable partnerships. It is just the starting point.

As the African Growth and Opportunity Act (AGOA) nears expiration in 2025, he called for its renewal. He said AGOA should align with Africa’s industrial goals and ensure rules-based access.

The AGOA, enacted in 2000, allowed duty-free access to the U.S. market for eligible African countries. It opened doors for deeper trade cooperation.

However, over two decades, this relationship focused mainly on raw materials and energy exports.

Ghana serves as a strong example within this context under AGOA. Ghana has become a top beneficiary by exporting oil, cocoa, textiles, and handicrafts to the U.S.

From 2019 to 2024, Ghana-U.S. trade averaged $2.5 billion annually. This represented about 15% of Ghana’s total exports.

In 2024, bilateral trade reached $2.48 billion. Ghana exported $1.60 billion worth of goods like crude oil and cocoa while importing $874 million.

This resulted in a trade surplus of over $730 million for Ghana.

Dr. Asiama noted that a resilient financial system supports economic growth effectively.

He mentioned that Ghana’s Financial Stability Fund helped with post-pandemic recovery and governance reform.

Across Africa, he stressed the need to embed technology in financial supervision using Suptech and Regtech tools.

These improvements will enhance accountability and support private-sector growth.

He highlighted the importance of transforming ideas into investments while addressing financing constraints holding back Africa's export potential.

As global supply chains change, Africa must shift from being just a source of raw materials to an investment destination across high-impact sectors.

In Ghana, these opportunities are real and immediate.