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Sustaining Ghana’s recent macroeconomic gains will depend on tightly linking currency stability with increased domestic production and innovation, the Bank of Ghana has stated. This was stressed in a speech delivered on behalf of the Governor of the Bank of Ghana, Johnson Asiama, by his advisor, John Kwakye, at the 14th Ghana Economic Forum in Accra organized by the Business and Financial Times. According to the central bank, the progress made in consolidating macroeconomic stability must now be translated into structural competitiveness. “Stability without production is unsustainable, and production without innovation stagnates,” Kwakye stressed. He noted that recent improvements in sentiment, tighter monetary discipline, and recovery in key sectors demonstrate that Ghana’s macro framework has strengthened. However, he cautioned that stability on its own is not an end, and must now serve as a platform for productive transformation. He said the value of a currency cannot be defended forever by intervention. It must be earned by what the economy produces. The Bank of Ghana said its next phase of policy direction is to deepen the link between the real sector and macro stability by promoting value addition and supporting industrial growth. The Governor’s representative cited the emerging reforms in gold trading and reserves management under the new Gold Board Act as one example of how natural resources are being converted into strategic national assets rather than mere export commodities. He added that innovation, particularly digital financial infrastructure and regulatory frameworks for fintechs, will be a core driver of competitiveness, lower transaction costs, and inclusion. These efforts amplify trust, transparency, and efficiency and when paired with a stable currency and a productive base, turn resilience into sustained growth, he said. Beyond internal policy actions, the Bank also underscored the need for collaboration with government, financial institutions, and the private sector, especially in long term credit provision to manufacturing and agri processing. Kwakye also warned that as Ghana approaches an election year, discipline must remain the guiding principle of economic management, observing that fiscal loosening or policy reversals could undermine recent gains. The gains achieved are not trophies to display but responsibilities to defend, he said. The Bank of Ghana stressed that the continued expansion of productive capacity, supported by reliable energy, consistent regulation, and innovation adoption, will ultimately determine whether the cedi’s stability is durable. When stability, production, and innovation reinforce each other, growth becomes self sustaining, he emphasized.
