The Second Deputy Governor of the Bank of Ghana (BoG), Mrs. Matilda Asante-Asiedu, has stated that economic recovery will only be sustained if trust, capital and stability are treated as mutually reinforcing pillars rather than separate policy objectives.
Delivering the keynote address at The Money Summit 2026 in Accra, she said the country had made significant progress in restoring macroeconomic stability, but cautioned that preserving those gains would require collective commitment from policymakers, financial institutions, businesses and investors.
Speaking on the theme, “Building Trust, Capital, and Stability for Ghana’s Economic Future,” she argued that the three elements form a single economic ecosystem in which each depends on the other for long-term success.
According to her, trust is the foundation upon which capital is mobilised, and stability is sustained, while stability creates the environment necessary for trust and investment to flourish.
“From where I sit, these three are not separate goals. They are one system, and they only work well together,” she told participants.
Trust is the foundation of finance
Mrs. Asante-Asiedu stressed that trust remains the most valuable asset in any financial system because finance itself is built on promises.
She explained that every financial transaction, whether a bank deposit, a loan agreement or the use of a national currency, depends on confidence that obligations will be honoured.
“Trust comes first because everything in finance is, at its core, a promise. A deposit is a promise. A loan is a promise. A currency is a promise,” she said.
According to her, investors naturally gravitate toward economies where institutions are reliable, regulations are predictable and governance systems inspire confidence.
She noted that trust transforms short-term economic gains into long-term prosperity.
“Trust is what turns a good year into a credible decade,” she emphasised.
Capital flows where trust exists
The Deputy Governor explained that the availability and affordability of capital are directly linked to the level of trust within an economy.
She said when confidence in economic institutions is high, investors perceive lower risks, resulting in reduced borrowing costs and increased willingness to finance long-term productive investments.
“When trust is present, the risk premium falls, the cost of capital reduces, and money becomes patient — willing to fund a five-year factory or a full crop cycle rather than fleeing at the first tremor,” she stated.
Despite recent economic improvements, she observed that access to private-sector credit in Ghana remains limited.
According to her, private-sector credit remains well below 10 percent of Gross Domestic Product (GDP), a situation she described as insufficient for an economy seeking sustained growth and industrial transformation.
“A stable economy that does not lend to its farmers and its firms has only done half the job,” she noted.
Mrs. Asante-Asiedu said the current low-interest-rate environment presents a unique opportunity for businesses and financial institutions to expand investment and productive activity.
She challenged business associations and industry groups to improve accountability among their members, arguing that collective credibility can help secure better financing terms from lenders.
“The bankers here will tell you that trust determines the risk premium that is factored into the interest you pay on your loans,” she said.
Stability holds the system together
Turning to the issue of stability, Mrs. Asante-Asiedu said macroeconomic stability remains the glue that binds trust and capital together.
She identified low and predictable inflation, a stable foreign exchange market and strong foreign exchange reserves as critical pillars for sustaining confidence in the economy.
According to her, countries that fail to maintain stability often experience rapid capital flight and loss of investor confidence.
“Remove stability, and trust evaporates, and capital takes flight, as we have painfully learnt from our past,” she stated.
She summarised the relationship between the three pillars in simple terms.
“Trust lowers the cost of capital; capital funds growth; growth sustains stability; and stability, in turn, deepens trust.”
Mrs. Asante-Asiedu stressed that economic expectations play a critical role in sustaining this cycle.
She noted that expectations often become self-fulfilling, explaining that when households and businesses believe inflation will remain low, they make decisions that help reinforce that outcome.
“In the end, our most important product is not a policy rate. It is a confident tomorrow,” she said.
