By Francis Ntow
Accra, Sept 25, GNA – Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG), says Ghana is intensifying a push for a fairer global financial system, doing it collectively through lobbying by developing economies and using a multilateral approach.
He described the reform of the global financial architecture as a critical process that required coordinated action at the international level, recognising that ongoing shift could not be addressed by individual countries acting alone.
Dr Asiama said this in response to a question posed by the Ghana News Agency on global financial developments ahead of the 2026 International Monetary Fund (IMF)/World Bank Group (WBG) annual meetings in Thailand in October.
He said this at the 132nd Monetary Policy Committee (MCP) press briefing in Accra on Thursday, where he admitted that the question on changes in global financial conditions was not entirely clear, but the underlying issues were well known to policymakers.
The Central Bank Governor stated that the current global financial system has not adequately addressed debt vulnerabilities, climate financing and inequality, emphasising that reforms were not optional but necessary for sustainable development.
“Changing the global financial architecture takes a multilateral approach. It calls for a lot of lobbying and we’re working on that on all fronts,” Dr Asiama said, adding that the ongoing United Nations General Assembly meeting has provided for further engagements.
He disclosed that Ghana’s team of government officials was participating in multiple discussions aimed at reshaping global financial governance, with representatives providing feedback back home for contributions.
Dr Asiama said Ghana was actively working alongside other African and developing countries as the continent remained a small-opened economy, that was engaging the rest of the world on those reforms.
“We’re looking at China. Currently, they’re such a strategic partner when it comes to our trading, and we’ll continue on that front to ensure that we yield dividend for the country,” he said.
The Governor pointed out that Ghana’s stance aligned with broader African calls for a more inclusive financial architecture, with many developing countries seeking greater voice in the IMF and the World Bank.
He said Ghana would continue to engage consistently on the issue until concrete reforms are achieved, with the strategy of being connected to global decision-making centres where financial rules were shaped.
Largely established during the Bretton Woods era in 1944, the global financial architecture is a complex system of international institutions, regulations, and markets that manage the flow of capital, investments, and financial transactions across borders.
It includes International Financial Institutions like the IMF, World Bank, central banks and regulatory authorities, global financial markets, multinational corporations, and bilateral and multilateral agreements that facilitate trade, investment, and economic cooperation.
The system has been widely recognised as needing urgent reform to ensure equity, stability, and sustainable development, especially for African and developing economies, who remain underrepresented in decision-making bodies.
GNA
Edited by Agnes Boye-Doe
Reporter: Francis Ntow