Governor Johnson Asiama Shares Ghana’s Recovery Lessons and Advocates for Stronger African Domestic Debt Markets

Dr. Johnson Asiama, the Governor of the Bank of Ghana, has underscored the vital role of resilient domestic debt markets in securing economic stability across the African continent. Speaking at the Bank for International Settlements (BIS) Roundtable of Governors from African Central Banks in Basel on June 27, 2026, Dr. Asiama shared insights from Ghana’s journey from crisis to recovery. He argued that the Ghanaian experience provides a blueprint for other African nations looking to navigate macroeconomic challenges and build more robust financial foundations.

The Governor emphasized that as African nations increasingly pivot toward domestic borrowing to fund development projects, the creation of deeper and more diversified capital markets has become a necessity. According to Dr. Asiama, well-functioning domestic markets are essential for safeguarding financial stability and providing governments with sustainable financing options. By strengthening these local markets, countries can significantly reduce their vulnerability to global economic shocks and minimize their historical over-reliance on volatile external borrowing.

The BIS Roundtable brought together central bank governors from across Africa to deliberate on prevailing macroeconomic trends and the resilience of the continent's financial sectors. During the discussions, Dr. Asiama highlighted that a strategic focus on domestic debt not only aids in crisis recovery but also serves as a catalyst for long-term sustainable growth. He noted that developing these markets requires a concerted effort to improve financial infrastructure and broaden the investor base, ensuring that the domestic financial system can absorb shocks while supporting national development goals.

The Governor's remarks come at a time when many African economies are reassessing their fiscal strategies in the face of shifting global financial conditions. The lessons from Ghana's recovery serve as a call to action for regional central banks to prioritize financial sector reforms that foster domestic liquidity. Ultimately, Dr. Asiama's vision for Africa involves a more self-reliant financial landscape where domestic resources are effectively mobilized to drive economic transformation and maintain long-term stability across the region.