BoG Governor Asiama Tells African Central Banks: Ghana's Recovery Blueprint Can Guide the Continent

Bank of Ghana (BoG) Governor Dr Johnson Asiama has called on African economies to invest in deeper and more resilient domestic debt markets, arguing that Ghana's recent economic turnaround offers a practical template for the rest of the continent.

Dr Asiama made the remarks at the Bank for International Settlements (BIS) Roundtable of Governors from African Central Banks, held in Basel, Switzerland, on Saturday, 27th June 2026. The forum brought together central bank governors from across Africa to deliberate on macroeconomic trends, financial sector resilience and pressing policy challenges.

"Ghana's economic journey from crisis to recovery offers important lessons on the growing role of domestic debt markets in strengthening resilience while safeguarding financial stability," Dr Asiama told fellow governors at the roundtable.

He stressed that as African governments increasingly turn to domestic borrowing to fund development and meet fiscal commitments, building efficient and diversified capital markets has become a matter of urgency. Stronger local debt markets, he argued, would widen financing options, reduce reliance on costly external loans and better insulate economies from global shocks.

Reducing External Dependence

The BoG Governor emphasised that mobilising local financial resources is central to sustainable long-term growth across the continent. By developing their own capital markets, African nations can reduce the vulnerabilities that come with heavy dependence on foreign creditors and fluctuating international financial conditions.

Ghana itself endured a severe economic crisis in recent years, marked by runaway inflation, a battered cedi and a sovereign debt restructuring programme under an IMF bailout. The country's gradual stabilisation since then has been closely watched across the region, and Dr Asiama's remarks signal Accra's willingness to share the hard-won lessons of that difficult period with its continental neighbours.