“Only a few years ago, our economy was buffeted by severe headwinds, exchange rate volatility, surging inflation, and mounting debt sustainability concerns.

“But through decisive policy actions, reforms such as the domestic debt exchange programme, and close collaboration with our international partners, we have begun the difficult but necessary task of restoring macroeconomic stability and rebuilding public confidence,” he said.

Event

This was contained in a speech read on behalf of the Governor by the Special Advisor to the Director of Research at the BoG, John Kotoku, at a Regional Course on Macroeconomic Diagnostics in Accra last Tuesday.

The course was organised by the International Monetary Fund (IMF) and the West African Institute for Financial and Economic Management (WEIFEM).

It brought together policymakers and technical experts in West Africa to strengthen their capacity in diagnosing economic challenges and formulating effective policy responses.

The forum started on September 22, 2025, and is expected to close on October 2.

Building trust

Dr Asiama said through firm policy measures, structural reforms, and effective collaboration with international partners, the country had begun the difficult but necessary task of restoring macroeconomic stability and rebuilding trust in its financial system.

He said recent data showed encouraging progress, with gross domestic product (GDP) growing by 5.3 per cent in the first quarter of 2025, up from 4.9 per cent during the same period in 2024.

The Governor said excluding oil, growth was also stronger at 6.8 per cent, compared to 4.3 per cent a year earlier, with agriculture and services driving the gains.

He explained that high-frequency indicators such as the Composite Index of Economic Activity (CIEA) recorded a 4.4 per cent year-on-year growth in May 2025, compared to 3.4 per cent in May 2024.

The Governor said the performance was driven by increased activity in trade, consumption, construction and tourism.

At the same time, business and consumer confidence surveys confirmed renewed optimism, while inflationary pressures continued to ease under tight monetary policy management.

“Business and consumer confidence surveys also point to renewed optimism, while inflationary pressures are easing under a disciplined monetary policy stance.

These are the green shoots of recovery, still fragile, but unmistakably promising.

“The lesson is clear: robust macroeconomic diagnostics are not a technical exercise; they are the compass that guides policy.

Without them, even the most well-intentioned measures can drift off course.

With them, recovery and transformation are not just aspirations but achievable realities,” he added.

Economic stability

The Director-General of WAIFEM, Baba Y. Musa, called on member states to place economic stability at the centre of their priorities.

He cautioned that without such stability, the very foundations needed to drive growth, attract investment, and ensure sustainable development in the sub-region would remain weak and vulnerable to shocks.

“Effective macroeconomic management requires the ability to properly assess the economic health of a country.

Such an assessment, in turn, requires the use of some applied tools to aid the policy-making process,” he said.

He said such diagnostics helped policymakers, analysts and institutions to make informed decisions about fiscal, monetary and structural policies, as they were also used to evaluate economic stability and growth potential, among others.