The Governof of the Bank of Ghana (BoG) Dr Johnson Asiama has announced that the central bank is currently working on a new legal framework aligned with modern economic realities.
He said this is supported by the Bretton Woods institutions. – the International Monetary Fund (IMF) and the World Bank.
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Dr Asiama said this when he accompanied the Finance Minister, Dr. Cassiel Ato Forson, who led Ghana’s delegation to the IMF/Spring Meetings, to meet with the Ghana Heritage Club at the World Bank headquarters in Washington, D.C, last Friday, April 26
Dr Asiama highlighted the strong technical and policy support received from Ghana’s international partners.
He further indicated that the Bank of Ghana does not expect to declare a loss this year, signaling improved financial management and institutional stability.
The President of the Heritage Club, Kofi Tsikata, welcomed the delegation and shared that approximately 350 Ghanaian staff are currently working within the IMF and World Bank in Washington. Globally, that number exceeds 700—underscoring the growing influence and presence of Ghanaian professionals in global economic institutions.
The Finance Minister, Dr. Forson emphasised Ghana’s strong and cooperative relationship with both the IMF and the World Bank.
He noted the recent increase in the World Bank’s Development Policy Operation (DPO) facility to over $400 million as a mark of confidence in Ghana’s reform efforts.
More importantly, he stressed that the focus should not be solely on the amount of borrowing, but on how the borrowed funds are used. There is now a clear shift toward borrowing for impactful investments rather than non-productive expenditures such as capacity building or consultancy contracts with limited national benefit.
His message was one of financial discipline, strategic planning, and accountability—prioritizing projects that yield tangible benefits for the Ghanaian people.
Also present at the meeting were Senior Economic Advisor to the President, Seth Emmanuel Terkper, and Chairman of the National Development Planning Commission, Dr. Nii Moi Thompson.
The meeting with the Ghana Heritage Club underscored the important role of the Ghanaian diaspora in global development institutions and reinforced the call for deeper collaboration between homegrown policy leadership and international expertise. It was not only a moment of reflection but also a strategic conversation about the future of Ghana’s development.
