Over the first half of the year 2025, Ghanaians would have observed a significant improvement in the hitherto debilitating macroeconomic conditions with negative implications for microeconomic activity. A quick review of the summary of macroeconomic and financial data from the Bank of Ghana (BoG) at the end of July shows a significant improvement in the real economic sector indicators compared to the same period for 2024, and an improved business and consumer confidence.

Other results include subdued inflationary pressures which currently stands at about 12.1 percent from about 23.5 percent at the beginning of the year, average lending rates at about 27 percent from 30.7 percent at the beginning of the year driven by a consistent reduction in the monetary policy rate to about 25 percent, and crucially a 40 percent year to date appreciation in the value of the Ghana Cedi against the United States Dollar.

Naturally, all will want these improvements to last. Making sure they do, is not something that will happen by chance. It requires careful management, and a big part of the management function rests with the Bank of Ghana (BoG). The BoG must have a clear, full picture of what is happening across the entire financial sector, and what large import companies in the real sector are doing in real time, to ensure better decisions can be made, to help guide the market in a way that prevents us from slipping back into old problems.

A key step to protect the Cedi

The governor of the BoG – Dr. Asiama, has taken some immediate steps in the interim towards this visibility, which require a careful examination. A directive issued on August 20, 2025, to commercial banks and the general public, instructs commercials banks to stop withdrawals of foreign currencies by large companies, from their accounts which they did not fund with cash in deposits. This matters because previously, a company could use Cedis to buy large amounts of foreign currency or in some cases withdraw from its accounts. This high demand, particularly for dollars, puts a lot of pressure on the Cedi, weakening its value. This new rule helps stop that pressure. It is understandable that this may seem a rather strong measure, but it is done for a very important public reason – to protect the stability of the currency and the economy, and more importantly, it aligns with the law and is fair.

On the other hand, a company that earns its own foreign currency from exports – like those in oil, gas, or mining, and deposits the cash in the bank can still access those funds normally to pay for their import and operational needs.

In the case of companies that genuinely need foreign currency for essential imports but do not earn the cash themselves, through the same directive, the governor indicates the existence of a programme to provide them with the foreign exchange they need to keep their businesses running smoothly. This shows the commitment to transparency, and fairness while safeguarding the progress made.

A broader agenda for resilience and transparency

The currency rule is just one part of a much larger plan to build a stronger, more resilient financial system. Indeed, at a meeting with banking sector leaders on August 13, 2025, Dr. Asiama indicated an urgent need for the implementation of a consolidated set of measures to strengthen resilience, enhance transparency […] in the financial sector in line with international best practice.

Other measures will be targeted at credit and risk governance through new directives specifically addressing deliberate defaulters, underwriting standards, and concentration risks, enhancing liquidity and capital resilience by mandating sufficient high quality liquid assets, closing regulatory loopholes, and embedding robust stress testing. In other areas, bank’s business models will be reviewed and compliance with foreign exchange management rules will be strictly enforced.

The laws regulating the financial sector are dotted with rules which historically have been partially enforced creating gaps and arbitrage undermining the entire system. The governor indicates that, through the renewed efforts on compliance, he expects the era of blind spots on remittance flows to be over, with a caution to banks to ensure strict compliance to existing rules.  

The Bank of Ghana's proactive and multifaceted strategy represents a decisive shift from reactive policy to forward-looking stewardship. By combining immediate, targeted directives with a comprehensive agenda for long-term resilience, the central bank is not merely defending recent economic gains but is designing a more transparent, robust, and globally competitive financial system. This enhanced regulatory visibility and unwavering commitment to enforcement are the essential safeguards that will allow Ghana to secure its hard-won macroeconomic stability and build a sustainable foundation for future growth.