A Wealthy Ghana Can’t Be Built by Government Alone – BoG Governor’s Call for National Unity

Introduction

In a powerful address that blends economic policy with patriotic appeal, Bank of Ghana Governor Dr. Johnson Pandit Asiama has declared that “the Ghana we want” cannot be achieved through government action alone. Speaking at the 77th Annual New Year School and Conference (ANYSC) of the University of Ghana on January 6, 2026, Dr. Asiama emphasized that sustainable national development requires the active participation of every citizen, institution, and sector. This message of shared accountability comes at a critical moment as Ghana transitions from economic stabilization in 2025 to a new phase focused on resilience, inclusivity, and competitiveness.

Key Points

Background

The Context of Ghana’s Economic Journey

Ghana’s economy has faced significant challenges in recent years, including currency depreciation, high inflation, and fiscal imbalances. In response, the Bank of Ghana implemented a series of stabilization measures, including the Domestic Gold Purchase Programme, to restore confidence and attract foreign exchange. The 2025 fiscal year was marked by efforts to stabilize the Cedi and rebuild reserves, laying the groundwork for a more ambitious agenda in 2026.

The Role of the Annual New Year School and Conference

The University of Ghana’s Annual New Year School and Conference is a prestigious forum that brings together policymakers, academics, business leaders, and civil society to discuss critical national issues. Founded in 1950, it has become a cornerstone of Ghanaian intellectual discourse, providing a platform for evidence-based dialogue on development strategies. Dr. Asiama’s keynote address at this year’s conference underscored the importance of aligning economic policy with broader societal goals.

Analysis

The Limits of Government-Led Development

Dr. Asiama’s remarks highlight a fundamental truth about economic development: no matter how sound the policy framework, lasting growth requires the active engagement of the private sector, civil society, and individual citizens. While the state can provide the institutional foundation for stability, innovation, entrepreneurship, and social cohesion emerge from the broader society. This perspective aligns with global best practices, which emphasize the importance of inclusive growth and multi-stakeholder partnerships.

The Evolution of the Domestic Gold Purchase Programme

The DGPP was launched as a strategic response to economic vulnerabilities, particularly the need to stabilize the Cedi and replenish foreign currency reserves. However, Dr. Asiama acknowledged that the program’s long-term success depends on moving beyond a central bank-led initiative to a truly national effort. By involving the Ministry of Finance, market practitioners, and other stakeholders, the program can become more transparent, efficient, and sustainable.

Policy Refinements and Risk Management

The Governor outlined several key refinements to the DGPP aimed at enhancing its effectiveness:

• Canceling G4O (Gold-for-Oil): This move signals a shift toward more market-driven mechanisms, reducing reliance on barter arrangements that can be difficult to manage and monitor.
• Implementing “Pay Before Release”: This requirement reduces counterparty risk and ensures that transactions are completed in a timely and transparent manner.
• Promoting Evidence-Based Debate: By inviting diverse perspectives, the BoG aims to refine its policies through rigorous analysis and public engagement.

These changes reflect a commitment to transparency, accountability, and sound governance—key pillars of sustainable economic development.

Practical Advice

How Citizens Can Contribute to National Development

Dr. Asiama’s call for collective responsibility is not just a rhetorical appeal; it is a practical roadmap for action. Here are several ways individuals and institutions can contribute to building a wealthy and resilient Ghana:

• Support Local Industries: By prioritizing locally produced goods and services, consumers can stimulate domestic demand and create jobs.
• Engage in Civic Dialogue: Participating in public discussions, attending town hall meetings, and providing feedback on policy proposals help ensure that decisions reflect the needs and aspirations of all Ghanaians.
• Promote Transparency and Accountability: Holding public officials and institutions accountable for their actions is essential for building trust and preventing corruption.
• Invest in Education and Skills Development: A well-educated and skilled workforce is the foundation of a competitive economy.
• Support Sustainable Practices: Environmental stewardship and responsible resource management are critical for long-term prosperity.

The Role of the Private Sector

The private sector is a key driver of innovation, job creation, and economic growth. Businesses can contribute by:

• Adopting Best Practices: Implementing high standards of governance, transparency, and ethical conduct.
• Investing in Technology and Innovation: Embracing digital transformation and adopting new technologies to enhance productivity.
• Supporting Local Supply Chains: Partnering with local suppliers and producers to build a more resilient economy.
• Engaging in Corporate Social Responsibility: Contributing to community development and social welfare initiatives.

The Role of Academia and Civil Society

Academic institutions and civil society organizations play a crucial role in shaping public policy and fostering informed debate. They can contribute by:

• Conducting Research: Providing evidence-based analysis to inform policy decisions.
• Facilitating Dialogue: Creating platforms for inclusive discussions on national issues.
• Promoting Civic Education: Educating the public about their rights, responsibilities, and the importance of participation in democratic processes.
• Advocating for Reform: Championing policies that promote equity, justice, and sustainable development.

FAQ

Conclusion

Dr. Johnson Asiama’s address at the University of Ghana’s 77th Annual New Year School and Conference serves as a powerful reminder that building a wealthy and resilient Ghana requires more than sound fiscal policy—it demands the active participation of every citizen and institution. The Bank of Ghana has laid the foundation for stability; now, it is up to all Ghanaians to build upon that foundation through innovation, collaboration, and shared responsibility. By embracing this collective vision, Ghana can achieve the inclusive, competitive, and sustainable economy that its people deserve.