President John Dramani Mahama has restated his commitment to fiscal restraint and assured the recently sworn-in Governor and Deputy Governor of the Bank of Ghana (BoG) that his administration will not engage in careless money printing.
Mahama’s comments follow worries over Ghana’s economic management, especially in light of the Bank of Ghana’s recent practice of funding budget shortfalls.
Excessive money printing has previously been connected to growing inflation, currency devaluation, and individuals’ deteriorating purchasing power.
Speaking at the Jubilee House during the swearing-in ceremony for Dr. Johnson Asiama and his deputy, Dr. Zakaria Mumuni, President Mahama cautioned against the perils of excessive and uncontrolled Central Bank financing, claiming that it has had disastrous effects on Ghana’s economy in recent years.
There can be serious repercussions when the government uses excessive and uncontrolled money printing to finance unsustainable consumption, spending, and financing.
He said, “Such actions not only weaken public confidence in financial institutions but also threaten long-term stability, from spiraling inflation, erosion of incomes, to driving millions into poverty.
“I’m not going to come and ask you to print more money”, President Mahama.
Source: Ghana/Starrfm.com.gh/103.5FM/Eva Serwaa Abdulai
