Ghana’s stabilisation yielding Results; Inflation eased, Debt Improved, Ratings upgraded – BoG First Deputy Governor
BoG’s Dr. Mumuni Pushes For More Asian Capital Into West Africa
The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, says Ghana’s recent macroeconomic stabilization efforts are yielding results, with inflation easing considerably, debt sustainability improving, and sovereign credit ratings being upgraded.
He said this demonstrates that decisive and credible policy action can restore confidence and reposition an economy for investment.
Dr. Mumuni was delivering a keynote address at the High-Level West Africa – Asia Capital Dialogue on the sidelines of the IMF-World Bank Annual Meetings in Bangkok, Thailand, on Thursday, October 15, 2026.
The dialogue was convened by the ECOWAS Bank for Investment and Development (EBID) under the theme “Two Conversations. One Question” to discuss unlocking greater Asian investment in West Africa.
He was speaking on behalf of Governor Johnson Asiama.
According to Dr. Mumuni, the key question constraining Asian capital flows into West Africa is not lack of capital or opportunities, but confidence, risk perception, and effective investment structures.
“Macroeconomic stability is necessary but not sufficient. Investors also require policy predictability, credible institutions, and well-prepared projects,” he said.
Why Asian Capital Is Slow:
He listed five concerns that deter investors:
– Exchange rate and financing risks
– Regulatory and policy uncertainty
– Contract enforcement challenges
– Infrastructure constraints
– Difficulties in project exit and risk management
He added that project preparation remains critical, noting that development needs do not automatically become investable opportunities. Projects must be commercially viable, properly structured and backed by credible feasibility studies.
Where The Opportunity Is:
Dr. Mumuni said Ghana offers significant opportunities in agro-processing, manufacturing, energy, transport and logistics, digital services, and fintech, which can drive economic transformation and jobs.
Beyond Ghana, he said the African Continental Free Trade Area (AfCFTA) offers access to a larger regional market, but requires improvements in trade facilitation, logistics, payment systems and dispute resolution.
What Will Change The Equation:
He outlined four priorities: Better risk-sharing between development finance institutions, export credit agencies, governments and private investors.; Stronger project preparation with a robust pipeline of investment-ready projects; Appropriate financing structures including greater use of local-currency financing to reduce currency mismatches and Stronger institutional partnerships combining Asian capital and expertise with African market knowledge.
On the role of central banks, he said their mandate is to provide stable monetary and financial environment through price stability, financial stability, efficient payment systems and transparent forex arrangements.
Practical Next Steps:
He proposed a four-point agenda:
Identify priority sectors and projects in West Africa with genuine commercial interest for Asian investors;
Establish structured engagement channels between African project sponsors and Asian investors.; Expand collaboration on trade finance, payment connectivity, and local-currency financing and Create a mechanism for tracking progress against clear deliverables.
“Our responsibility in Africa is to make opportunities more investable. Our partners’ responsibility is to assess those opportunities objectively,” he said, adding that success will be measured not by discussions held, but by investments made, businesses expanded, and partnerships sustained.
