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 announced steps to reduce and stabilize inflation. These measures aim to build reserves amid sound fiscal policies.

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. This resulted in a $7.4 billion surplus for Africa.

Dr. Asiama emphasized that stability is just the starting point for partnerships. As the African Growth and Opportunity Act (AGOA) nears expiration in 2025, he called for its renewal.

He urged reshaping AGOA to align with Africa’s industrial goals. This includes ensuring rules-based access and incentives for value-added exports.

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. It 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 while importing $874 million, resulting in a surplus of over $730 million.

Dr. Asiama stated that a resilient financial system supports economic growth effectively. He noted that Ghana’s Financial Stability Fund helped post-pandemic solvency and governance reform.

He highlighted the need for technology in supervision across Africa using Suptech and Regtech tools. This would improve accountability and support private-sector-led growth.

The goal is to transform ideas into tangible investments while addressing financing constraints holding back Africa's export potential.

As global supply chains change, Dr. Asiama stressed that Africa must shift from being a raw material source to an investment destination across high-impact sectors.

He believes this opportunity is real and immediate for Ghana.