The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiamah, says that Treasury bill (T-bill) rates are on a downward trajectory, signaling a positive development for the economy.
However, he cautioned that the country must be vigilant, as this could exert pressure on the cedi if not carefully managed.
He said this at the 2025 National Economic Dialogue on Tuesday, March 4, on the need for coordination between the central bank and fiscal authorities.
Dr. Asiamah stressed that while declining T-bill rates are beneficial, they could trigger a rise in exchange rate volatility if not properly balanced.

“Currently, T-bill rates are coming down and it is good to see that. However, there is an emerging risk that if we are not careful, we will see pressure on the cedi going up as a result,” he stated.
He explained that to mitigate this risk, the BoG has had to adjust rates on its own bills to maintain macroeconomic stability.
“If you look at our Bank of Ghana bills, you would see that the rates have had to go up - that’s the way managing the macroeconomic works and therefore there has to be a balance,” he added.
Dr. Asiamah emphasised the importance of close coordination with the fiscal authorities, revealing that he will maintain regular communication with the Minister of Finance to ensure a well-managed approach.
“I will be speaking with the Minister of Finance regularly and we will try to achieve that balance going forward. We will be transparent,” he assured.
Beyond interest rates and currency stability, the BoG Governor also highlighted financial sector reforms, noting that a financial sector strengthening strategy is being implemented under the Fund Programme.
However, he stated that one of the major challenges facing the banking sector remains the high level of non-performing loans (NPLs).
Dr Asiamah reiterated the central bank’s commitment to transparency and engagement with key stakeholders, including the private sector and Parliament.
He noted that while the BoG reports its operations to Parliament twice yearly, these reports should be actively analysed to enhance accountability and decision-making.
He also welcomed the private sector’s request for biannual meetings with the central bank, stating that the BoG is open to engaging in town hall sessions to address concerns and improve economic collaboration.
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