President John Dramani Mahama has sworn in Dr. Johnson Pandit Kwesi Asiama as the new Governor of the Bank of Ghana, with Dr. Zakari Mumuni as the First Deputy Governor. The ceremony, held at Jubilee House, marks a significant step in the government’s efforts to restore economic stability and rebuild confidence in the financial sector.
In his address, President Mahama emphasized that these appointments go beyond fulfilling constitutional requirements. He described them as a “deliberate commitment to professionalism, integrity, and competence” in managing the country’s monetary policies and financial institutions.
Dr. Asiama, a respected economist with a Ph.D. from the University of Southampton, has served the Bank of Ghana for over two decades, rising through key roles in banking supervision, financial markets, and policy implementation. His deep expertise in monetary policy and risk management played a crucial role in stabilizing inflation and strengthening Ghana’s financial sector.
Similarly, Dr. Mumuni, the newly appointed First Deputy Governor, brings extensive experience in financial markets and economic policy. Holding a Ph.D. from the University of Nottingham, he has made significant contributions to monetary policy and financial regulation. President Mahama expressed confidence that both leaders would work diligently to steer the country’s financial sector towards recovery.
President Mahama took the opportunity to reflect on past economic missteps, particularly the banking sector cleanup, which resulted in the collapse of several financial institutions and massive job losses. He urged the new leadership at the Bank of Ghana to prioritize policies that not only enforce regulations but also consider their impact on businesses and livelihoods.
“Our recent banking history has shown us the cost of neglecting this truth,” Mahama noted. “The test of your patriotism lies in learning from these missteps,recognizing that policies must not only enforce regulations but also safeguard the futures that depend on them.”
The President also warned against fiscal recklessness, particularly the excessive printing of money to finance government expenditures, which he said had contributed to inflation and weakened public confidence in financial institutions. He reaffirmed his administration’s commitment to protecting the independence of the Bank of Ghana and ensuring that monetary policies are guided by discipline and foresight.
“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,” Mahama stated.
As Ghana faces economic challenges, the appointment of Dr. Asiama and Dr. Mumuni signals a renewed focus on financial stability and responsible economic management. President Mahama urged them to work closely with key institutions, including the Ministry of Finance and Parliament, while maintaining the independence required to fulfill their mandate.
“With their expertise and leadership, I am confident that the Bank of Ghana will restore confidence in our economy and lay the foundation for sustainable growth,” Mahama concluded.
