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The economic and financial outlook for Ghana

Tue 14 Mar 2017

Singapore

A discussion with Dr. Johnson Asiama, deputy governor of the Bank of Ghana. The discussion focused on the economic and financial outlook for Ghana, as well as prevailing challenges to Ghana’s banking system and monetary policy.

Though consumer sentiment shows renewed optimism, fiscal and external sector pressures remain key challenges for Ghana, said Johnson Asiama, deputy governor of the Bank of Ghana, at an OMFIF discussion in Singapore. The conversation, which focused on the monetary policy and macroeconomic developments in Ghana, highlighted the need for a commitment to ensure fiscal prudence.

Opportunities remain in agriculture and extractive industries. However, given its high degree of openness to trade and commodity price fluctuations, Ghana is looking to further diversify the economy into banking services, including digital financial services.

The medium-term prospects of the economy remain bright, and there is a strong commitment to preserve macroeconomic stability.