We are seeking to reduce dependence on dollar funding – Dr. Asiama

Bank of Ghana (BoG) Governor, Dr. Johnson Pandit Asiama, says the government is pursuing policies aimed at reducing reliance on dollar-denominated financing in the economy.

Speaking at the opening of the 130th Monetary Policy Committee meeting in Accra on Monday, Dr. Asiama said the government’s plan to raise US$1 billion through local-currency bonds for cocoa purchases marked a significant shift in Ghana’s financing strategy.

“The Government has announced its intention to raise US$1 billion through local-currency bonds to fund cocoa purchases for the 2026/27 crop season, in a significant shift to reduce reliance on dollar funding and foreign lenders,” he stated.

Dr. Asiama said the domestic economy had shown signs of resilience despite mounting external pressures linked to the ongoing conflict in the Middle East and rising global energy prices.

According to him, Ghana’s current account surplus in the first quarter of 2026 exceeded the corresponding 2025 figure by approximately US$652 million, while renewed investor confidence had supported the successful issuance of a seven-year government bond.

“The successful resumption of domestic T-bond issuance earlier in 2026 signals a return of investor confidence,” he said.

The Governor also pointed to gains made under Ghana’s programme with the International Monetary Fund, noting that recent reforms had strengthened macroeconomic stability.

“We have also had an IMF mission visit Accra during 29 April to 15 May 2026, to conclude the sixth and final ECF review, conduct an Article IV Consultation and discuss negotiations on a 36-month non-financing Policy Co-ordination Instrument,” he noted.

Dr. Asiama said the IMF mission acknowledged that Ghana’s programme had delivered “substantial stabilisation gains,” including lower inflation, improved external buffers, increased confidence in the cedi and stronger debt sustainability indicators.

He, however, cautioned that risks to the economy remained elevated because of the prolonged Middle East conflict, which continues to push up energy and commodity prices globally.

“The overall picture since end-March is one of a domestically resilient economy navigating an increasingly difficult external environment,” he said.

Dr. Asiama added that the proposed Policy Coordination Instrument with the IMF would help sustain reforms while allowing Ghana to reduce financial dependence on IMF resources.