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Thursday, May 29, 2025

Transforming Economy Requires Private Sector Support – BoG Governor

Dr. Johnson Asiama

 

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has indicated that transforming the economy into a more resilient, forward looking enterprise ecosystem requires the support of the private sector.

Speaking at the 9th CEO Awards and Expo on the theme, “Monetary Policy, Financial Stability & Innovation: Anchoring Ghana’s Economic Reset for Sustainable Growth,” in Accra, he said it was imperative for the private sector to expand its productive footprint through innovation.

“Your leadership is now central to building a more resilient Ghana. Indeed, the private sector is not a bystander – You are the builders of jobs, the drivers of innovation, the stewards of risk, and the enablers of long-term productivity,” he said.

“I understand the weight of your responsibilities, margins are tight, talent is mobile, and markets are demanding. But in this environment, leadership isn’t about avoiding risk. It’s about managing it with purpose. That’s where the public and private sectors must walk together,” he stated.

He, therefore, advised the chief executives to develop future-ready talent, invest in skills, leadership pipelines, and inclusive workplace cultures through value-added exports as well as regional trade, and industrial scaling.

“This is what a national reset requires. If we rebuild macro stability but maintain outdated business models, we will have missed the moment. In other words, the Bank of Ghana can stabilise the playing field, but it is you, the private sector, who will shape the game,” he added.

He said the Bank of Ghana, as a steward of financial stability, has taken decisive steps, beyond traditional supervision toward a more proactive, risk-sensitive, and system-aware model to what it describes as forward-looking supervision.

According to him, the approach is not just about compliance, but geared towards shaping a banking system that is agile, accountable, and equipped for a fast-changing world.

“At the Bank of Ghana, we are reforming how we regulate, how we communicate, and how we partner. But the true test will be what you do next, as stewards of capital, innovation, and employment, let us make this the moment where Ghana’s public and private leadership rise together, not just to recover, but to reinvent,” he added.

By Ebenezer K. Amponsah

 

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