The new Governor of the Bank of Ghana, Dr. Johnson Asiama has expressed commitment to pursue stringent measures to reform Ghana’s economic fortunes to achieve President John Dramani Mahama’s vision to reset the country towards the path of monetary stability, economic transformation and prosperity.
This follows his official assumption of office as the substantive Governor of the Bank of Ghana, during a swearing-in ceremony at the Jubilee House.
In his swearing-in address, Dr Asiama expressed profound gratitude to President John Dramani Mahama and Vice President Professor Naana Jane Opoku-Agyemang for the confidence reposed in him, while outlining an ambitious roadmap aimed at stabilizing Ghana’s macroeconomic environment.
Acknowledging the significant economic challenges the country faces—including high inflation, persistent fiscal deficits, and excessive debt levels—Dr. Asiama underscored that his tenure would focus on an economic reset.
He noted that achieving stability would require a combination of monetary and exchange rate policy reforms, fiscal austerity measures, and debt restructuring to mitigate fiscal risks.
“Ghana is at a pivotal moment in its economic history. The challenges before us require decisive leadership and prudent macroeconomic policies to reset the economy. The Bank of Ghana must remain steadfast in its mission to maintain price stability, ensure a sound financial system, and support economic growth,” he remarked.
Dr. Asiama outlined six key priority areas that would define his leadership at the Bank of Ghana including recalibrating monetary policy strategy.
To enhance the Bank’s monetary policy framework, Dr Asiama pledged a proactive and precise approach to managing inflation, leveraging advanced data analytics and artificial intelligence, stressing that monetary policy actions would be clear, predictable, and responsive to emerging threats.
Additionally, he highlighted the importance of coordination with other government agencies, particularly in managing food prices, and emphasized that policy consistency would be maintained to avoid conflicting signals to the market.
On preserving exchange rate stability, Dr. Asiama vowed to end currency speculation and exchange rate instability, stating that his administration would engineer a well-functioning and stable foreign exchange market to support economic activity.
He revealed plans to enact a new foreign exchange law to replace the outdated Foreign Exchange Act of 2006 (Act 723), implement targeted market operations to eliminate forex leakages, and improve reserve management.
Furthermore, he expressed commitment to deepening Ghana’s participation in the Pan-African Payment and Settlement System (PAPSS) to facilitate intra-African trade using local currencies, reducing reliance on the U.S. dollar.
“We shall implement reforms in the remittance space and collaborate with fintech and remittance agencies to harness remittances as a key foreign exchange measure. Our gold reserves will be leveraged strategically to support the Ghanaian cedi.”
In outlining his plans to strengthen the financial sector, Dr Asiama acknowledged the need to address the legacy challenges within the banking sector, noting that while the sector had stabilized after the recent financial crisis, targeted reforms were necessary to ensure continued resilience.
To this end, he pledged to enforce strict prudential regulations while fostering a supportive environment for responsible lending and financial innovation.
Among his proposed measures were tackling high non-performing loans, improving risk management practices, enhancing cybersecurity, and strengthening capital adequacy requirements.
“We shall update the Banks and Specialized Deposit-Taking Institutions Act (Act 930), ensuring that distressed institutions are effectively managed while maintaining financial stability,” he emphasized.
The BoG Governor emphasized that Ghana is well-positioned to become a regional hub for financial technology and digital assets.
He promised to introduce a digital strategy to enhance the Bank of Ghana’s operations and ensure that the financial system remains inclusive and competitive, while assuring stakeholders that the Bank would support initiatives that expand access to financial services through fintech and mobile banking solutions, particularly in underserved communities.
To strengthen fiscal and monetary policy coordination while reaffirming the Bank of Ghana’s independence under the Bank of Ghana Act (Act 612), Dr. Asiama emphasized the importance of collaboration with the government and international partners.
“We will strengthen our independence further and enhance key provisions in the Bank of Ghana Act to ensure that institutional autonomy is not just a legal principle but a practical reality in our policy-making operations.”
He also committed to constructive engagements with government stakeholders to ensure alignment between monetary and fiscal policies.
On restoring the Bank of Ghana’s financial stability, Dr. Asiama acknowledged the need to reverse the Bank’s negative equity position, which has impacted its credibility in recent years.
To address this, he outlined plans to reexamine non-core operations, introduce austere measures to cut operational costs, and develop clear policies aimed at restoring the Bank’s financial position to positive equity in the medium term.
A Call for Public Trust and Support:
In concluding his address, Dr. Asiama emphasized that the economic reset path is not mere rhetoric but a commitment to restoring public trust, rebuilding confidence, and ensuring Ghana’s financial stability.
“Through responsible financial sector governance, digital transformation, and sound economic policies, we will create a financial system that is transparent, predictable, and stable.
Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”
He called for support from all stakeholders, including government agencies, financial institutions, businesses, and the general public, as the Bank of Ghana embarks on this transformative journey.
“As we take this oath of office, we do so with a solemn promise to the people of Ghana—to serve with diligence, impartiality, and unwavering commitment to the Bank of Ghana’s mandate. We count on your trust, support, and partnership as we navigate these challenges,’ he solemnly pledged.
Dr. Asiama’s swearing-in marks a significant moment in Ghana’s economic trajectory, as his administration takes on the critical task of stabilizing the macroeconomic environment and restoring confidence in the country’s financial system.
His leadership at the central bank will be closely watched as Ghana strives to achieve sustained economic growth and financial stability going forward.
