The Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, has stressed that Ghana’s economic credibility will now depend on the consistency and quality of its policies as the country transitions from an IMF-supported programme to a new phase of economic management.
Giving a keynote address at The Money Summit 2026, held under the theme “Building Trust, Capital, and Stability for Ghana’s Economic Future” at The Palms by Eagles in Accra on Tuesday, June 2, Mrs. Asante-Asiedu said Ghana has virtually concluded its Extended Credit Facility programme with the International Monetary Fund (IMF), which she noted had delivered significant gains for the economy.
She explained that the country is now moving to a Policy Coordination Instrument (PCI), a framework that focuses on monitoring and sustaining reforms without additional borrowing.
Mrs. Asante-Asiedu said the new arrangement places greater responsibility on Ghana to maintain fiscal and economic discipline, noting that the country’s reputation and investor confidence would increasingly be determined by its commitment to sound policies.
“The PCI engagement means we are no longer borrowing. It is about monitoring our own reforms as a country,” she said.
She described the policy instrument as an important mechanism for locking in institutional stability and ensuring that the discipline that helped restore economic stability is maintained over the long term.
The Deputy Governor emphasised that trust, capital and stability should not be viewed as separate economic objectives, arguing that each depends on the other for sustainable growth.
She noted that trust remains the foundation of every financial system because financial transactions are ultimately built on promises, whether through deposits, loans or the value of a currency.
Mrs. Asante-Asiedu said investors are more likely to commit resources to economies where institutions are reliable, regulations are predictable and confidence is firmly established.
She further explained that trust helps reduce risk perceptions and lowers the cost of capital, making long-term investment more attractive.
“When trust is present, money becomes patient,” she stated, adding that investors become more willing to finance productive ventures such as factories and agricultural projects over longer periods.
Despite improvements in the economy, Mrs. Asante-Asiedu acknowledged that access to credit remains a challenge, particularly for productive sectors.
She noted that private sector credit remains relatively shallow at less than 10 percent of Gross Domestic Product (GDP), a situation she said limits the ability of businesses, farmers and entrepreneurs to expand and contribute fully to economic growth.
The Deputy Governor stressed that a stable economy must also ensure adequate financing for productive sectors, warning that stability alone is insufficient if businesses and farmers cannot access the capital needed to grow.
She urged policymakers, financial institutions and investors to work together to deepen credit access, strengthen confidence in the financial system and build a more resilient economy capable of sustaining long-term growth.
