Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has affirmed that Ghana is once again open and ready for investment.

He says, recent economic reforms have restored stability and strengthened confidence in the country’s long-term growth prospects.

Speaking at the Ghana-UK Investment Summit in London, Dr. Asiama acknowledged that Ghana’s 2022 economic crisis and subsequent Domestic Debt Exchange Programme had left some investors cautious.

However, he stressed that significant policy and institutional reforms have since been implemented to prevent a recurrence.

According to him, amendments to the Bank of Ghana Act have strengthened safeguards against excessive central bank financing of government spending, while new fiscal rules are helping to reinforce discipline in economic management.

“We are building back better. What happened in the past belongs to the past,” he told investors.

The Governor pointed to improving macroeconomic conditions as evidence that the recovery is taking hold, noting that geopolitical tensions and the ongoing Middle East conflict remain the main factors delaying a faster decline in interest rates.

Interest rates, he posits would likely have fallen below 10% if not for the geopolitical tensions but expressed confidence that once global uncertainties ease, Ghana would resume its path towards lower interest rates and stronger economic expansion.

Drawing comparisons with successful financial centres in the Middle East and Asia, he said Ghana could evolve into a “Singapore of Africa” if the right investments were made.

He added that Ghana is now positioning itself for its next phase of growth, including an ambitious plan to transform Accra into a leading international financial services hub within the next few years.

Dr. Asiama also called on the Ghanaian diaspora and international investors to increase their investments in the country, arguing that Ghana’s improving economic environment presents significant opportunities across multiple sectors.