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Business

New BoG Governor pledges monetary policy overhaul to stabilize Ghana’s economy

Emmanuel Mensah By Emmanuel Mensah Published February 26, 2025
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Dr. Johnson Pandit Asiama has officially assumed office as the Governor of the Bank of Ghana, pledging to implement a comprehensive overhaul of the country’s monetary policies to restore economic stability.

Speaking at his swearing-in ceremony, he outlined a six-point agenda aimed at strengthening Ghana’s financial system, curbing inflation, and ensuring a stable exchange rate.

At the core of his strategy is a recalibrated monetary policy framework that prioritizes transparency, predictability, and responsiveness to economic threats. Dr. Asiama stressed the need for a proactive approach to inflation management, leveraging data analytics and artificial intelligence for better decision-making.

“We shall adopt a more proactive and precise approach to managing inflation, leveraging advanced data analytics and artificial intelligence,” he stated. “Our policies will be clear, predictable, and responsive to emerging threats, ensuring we do not send conflicting signals as has happened in the past.”

To address exchange rate volatility, he announced plans to introduce a new foreign exchange law to curb currency speculation and improve forex market efficiency.

“The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens,” Dr. Asiama declared. “We will implement strategic interventions, including targeted market operations and improved reserves management, to stabilize the Ghana cedi.”

He also emphasized Ghana’s deeper integration into the Pan African Payment and Settlement System (PAPSS), allowing businesses to trade in local currencies rather than depending on the U.S. dollar.

“We will deepen our participation in PAPSS, allowing Ghanaian businesses to trade across Africa using local currencies instead of always relying on the U.S. dollar,” he assured.

On banking sector reforms, the new governor vowed to enforce stricter prudential regulations while promoting responsible lending and financial innovation. He underscored the need to tackle high non-performing loans (NPLs), strengthen cybersecurity frameworks, and revise financial sector laws to ensure long-term stability.

“Our banking sector remains broadly stable, but we must address legacy challenges,” he noted. “We will work closely with banks to reduce the high incidence of cybersecurity breaches and ensure capital adequacy requirements are met.”

Dr. Asiama also highlighted digital transformation as a key focus, aiming to boost financial inclusion through fintech solutions and mobile banking.

“We will introduce a digital strategy to improve our operations and better serve the needs of our stakeholders,” he said. “By leveraging fintech and mobile banking solutions, we can broaden access to financial services, especially in underserved communities.”

He pledged to work with banks, startups, and international partners to build a robust digital finance ecosystem and establish clear regulations for digital assets.

While reaffirming the Bank of Ghana’s independence, he acknowledged the importance of aligning fiscal and monetary policies with the government’s economic agenda. He also committed to reversing the central bank’s negative equity position through cost-cutting measures and efficiency-driven reforms.

“We will uphold the Bank of Ghana’s independence while working collaboratively with the government and international partners,” he affirmed. “Additionally, we will adopt austere measures to reduce operational costs and return the Bank’s negative equity to positive equity in the medium term.”

Concluding his address, Dr. Asiama assured Ghanaians that his leadership would be driven by professionalism, integrity, and a commitment to rebuilding confidence in the financial system.

“The reset path we have embarked on is not just rhetoric, it is a commitment to restoring trust, rebuilding confidence, and ensuring Ghana’s economy is stable, innovative, and future-ready,” he declared. “I will serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana.”

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TAGGED:Dr. Johnson Pandit AsiamaGhana's economyMonetary Policy
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