The newly sworn-in Governor of the Bank of Ghana, Dr Johnson Pandit Kwesi Asiama, has pledged to restore public trust and rebuild confidence in Ghana's economy.
Dr Asiama outlined his six priority areas, including recalibrating monetary policy, preserving exchange rate stability, and promoting financial inclusion and innovation.
He emphasised that the central bank “will build a more resilient foreign exchange market that inspires confidence among investors and businesses.”
He also vowed to tackle high non-performing loans, reduce cybersecurity breaches, and update banking regulations to ensure financial stability.
Dr Asiama concluded by promising to serve with diligence and impartiality, guided solely by the interests of the Ghanaian people.
Central Bank's independence
Speaking after the swearing-in of Dr Asiama as Governor and Dr Zakaria Mumuni as First Deputy Governor of the Bank of Ghana, President Mahama assured Ghanaians that his administration will not pressure the Bank of Ghana to print money to finance government spending, stressing the need for the central bank’s independence.
The president underscored the importance of fiscal responsibility, warning that previous decisions had weakened public confidence in the country’s financial system.
“One thing for sure, I am not going to come and ask you to print more money,” Mr Mahama said, cautioning against excessive money printing, which he linked to inflation, rising poverty, and economic instability.
He reaffirmed his administration’s commitment to allowing the central bank to operate without political interference. “To protect our economy from these risks, we must manage public finances responsibly, follow legal and regulatory guidelines, and safeguard the independence of the Bank of Ghana,” he said.
Ghana’s economic challenges
Mr Mahama stressed the need to restore trust in the central bank, saying this was crucial for economic stability and investor confidence.
He pointed to the experience of Dr. Asiama and Dr. Mumuni, expressing confidence in their ability to implement policies that will strengthen the economy.
Profiles
Dr. Asiama, an economist with a PhD from the University of Southampton, has worked at the Bank of Ghana for over two decades.
He has held roles in banking supervision, financial markets, and research, playing a major part in shaping Ghana’s monetary policy.
Dr. Mumuni, who holds a PhD from the University of Nottingham, has also spent more than 20 years at the central bank, specialising in financial stability and economic policy.
