The Bank of Ghana (BoG) has declared 2025 a historic “year of restoration,” pointing to a dramatic collapse in inflation and a record buildup in foreign reserves as evidence that its aggressive policy regime has successfully stabilised the economy.
Governor Dr. Johnson Asiama, in his first New Year media briefing on Friday, presented data showing inflation plummeting from 23.8 percent in December 2024 to 5.4 percent by the end of December 2025, a decline he attributed to disciplined monetary tightening, effective liquidity management, and clear policy communication.
The most striking revelation, however, was on the external front. Through its strategic domestic gold purchase program, the central bank bolstered Gross International Reserves to over $13.8 billion, enough to cover approximately 5.7 months of imports.
“This was historic,” Governor Asiama stated with emphasis.
“I’ve not seen such levels since I joined the Central Bank way back in 1995.”
The announcement marks a dramatic turnaround from the economic stresses of recent years and validates what the Governor termed a “year of adjustment” that required difficult judgments and sustained discipline.
According to the Governor, the restoration was achieved through a multi-pronged, data-driven approach centered on monetary discipline, the strategic use of gold reserves to buffer the currency, reforms to bring transparency to the foreign exchange market, and a strengthening of regulatory oversight for the banking sector.
While celebrating these gains, Governor Asiama was careful to frame them as a hard-won foundation, not a final destination.
He repeatedly emphasised the “responsibility to protect stability” and warned against complacency.
“The gains we achieved through discipline, restraint, and institutional effort carry with them a responsibility to act with humility,” he cautioned.
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