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President John Dramani Mahama has reiterated the Government’s commitment to ensuring that the Bank of Ghana (BoG) operates free from political interference, guided solely by its mandate.
“This is the path to building a resilient economy—one where policies are driven by discipline, foresight, and the best interests of the Ghanaian people,” President stated on Tuesday when he officially sworn into office Dr Johnson Pandit Asiama as the Governor and Zakari Mumuni as the First Deputy Governor of the Central Bank at the seat of Government in Accra. The President reiterated that the Government would not ask the Central Bank to print money for it.
“I encourage you to work closely with key institutions, including the Ministry of Finance, Parliament and the financial industry while maintaining the independence your mandate requires.” The swearing-in follows the approval of the Council of State. The President extended his congratulations to Dr Asiama and Dr Mumuni and expressed confidence in their expertise, vision and integrity to discharge their mandate with excellence.
President Mahama urged them to go beyond mere technical considerations and act in full recognition that every statistic, every movement on a chart, and every shift in an index was more than just data—it was the pulse of an economy, a measure of resilience or distress. He said a dip in confidence indices might signal businesses on a brink, evolving market conditions, or changing household prospects. He said behind these numbers were real human stories—dreams either nurtured or shattered—that demanded not just highly extolled analytical expertise, but empathy and foresight that acknowledged the profound human consequences of every decision.
President Mahama noted that recent banking history had shown Ghanaians the cost of neglecting this truth. He said during the supposed banking sector cleanup exercise thousands of jobs were lost and lives disrupted because decisions were made with a narrow focus rather than considerations of the human impact. “The Bank of Ghana had the opportunity to salvage some institutions, to protect livelihoods while ensuring stability, but instead, an approach that ignored human consequences prevailed,” the President said “The test of your patriotism in this solemn duty of economic governance lies in learning from these missteps—recognizing that policies must not only enforce regulations but also safeguard the future that depend on them.”
He said the lessons of the past reminded Ghanaians of the dangers of fiscal recklessness and the lasting harm it could inflict on an economy. He said when governments resorted to unsustainable consumption expenditure, financed by excessive and unregulated printing of money, the consequences were severe— from spiraling inflation, erosion of incomes to driving millions into poverty. The President said such actions, not only weakened public confidence in financial institutions but also threatened long-term stability. “To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks and protect the independence of the Bank of Ghana.”
On his part, Dr Asiama expressed gratitude to the President and the Council of State for the confidence reposed in them. He said the challenges facing Ghanaians require decisive leadership and prudent macroeconomic policies to reset the economy. “Indeed, the Bank of Ghana is a key institution in this agenda to reset the economy and must remain steadfast in its mission to maintain price stability, ensure a sound financial system, and support economic growth,” he said. Dr Asiama said as Governor, his focus would be on six priority areas; such as the need to recalibrate Ghana’s Monetary Policy Strategy and enhance the policy framework to achieve the mandate more efficiently.
He said his second priority was the need to preserve exchange rate stability and limit excessive volatility in the rates. He also mentioned the need to boost financial inclusion and innovation to promote inclusive economic growth, reduce poverty, empower individuals, and ensure the stability and competitiveness of the financial system. “The reset path we have embarked on is more than mere sloganeering. It is about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy is stable, innovative and ready for the future,” Dr Asiama said.
Source: GNA
