Dr. Johnson Pandit Asiama has officially been sworn in as the Governor of the Bank of Ghana by President John Dramani Mahama.
Speaking at his swearing-in ceremony in Accra on February 25, 2025, the new BoG boss outlined a six-priority agenda aimed at stabilizing Ghana’s economy, restoring public trust, and ensuring financial sector resilience.
Dr. Asiama emphasized that Ghana is at a critical juncture in its economic history, requiring decisive leadership and prudent macroeconomic policies. “The challenges before us require decisive leadership and prudent macroeconomic policies to reset the economy,” he stated.
He assured Ghanaians that under his leadership, the Bank of Ghana (BoG) would remain committed to its mandate of maintaining price stability, ensuring a sound financial system, and supporting economic growth.
The Governor further noted that macroeconomic stability could only be achieved through monetary and exchange rate policy reforms, fiscal discipline, and debt restructuring.
Dr. Asiama’s priority is a recalibration of Ghana’s monetary policy to ensure clear, predictable, and responsive policies.
He announced plans to enhance the inflation-targeting framework, improve monetary policy implementation, and eliminate inconsistencies in policy execution. “We shall adopt a more proactive and precise approach to managing inflation, leveraging advanced data analytics and artificial intelligence,” he remarked.
His second key area of focus is stabilizing the exchange rate and eliminating excessive currency volatility. He vowed to end currency speculation and introduce interventions to ensure a well-functioning foreign exchange market.
Among the measures outlined are the enactment of a new foreign exchange law to replace the Foreign Exchange Act 2006 (Act 723), strategic forex market operations, and deeper participation in the Pan-African Payment and Settlement System (PAPSS). “The days of currency speculation and exchange rate instability must come to an end,” Dr. Asiama assured, adding that structured and transparent systems would be introduced to ensure fair pricing in the forex market.
A key concern for the banking sector is non-performing loans (NPLs) and cybersecurity threats, which Dr. Asiama has pledged to address as his third priority. He highlighted the need to promote greater financial intermediation while enforcing strict prudential regulations. “We shall tackle the problem of high non-performing loans and weak risk management practices in the industry,” he stated.
He also committed to working closely with banks to strengthen capital adequacy requirements and reduce cybersecurity breaches. Additionally, the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), will be reviewed to ensure distressed institutions are effectively managed while maintaining financial stability.
Another priority of the new governor is boosting financial inclusion and innovation. He acknowledged that Ghana is well-positioned to become a regional hub for financial technology and digital assets. “We will introduce a digital strategy to adapt to the digital age, improve our operations, and better serve the needs of our stakeholders,” he said. This strategy includes expanding mobile banking and fintech solutions, enhancing cross-border payments, and creating a clear regulatory framework for digital assets. Dr. Asiama also emphasized that financial innovation must be pursued responsibly, with appropriate safeguards to ensure stability.
While committing to maintaining BoG’s independence, he stressed the importance of improving fiscal and monetary policy coordination. He assured stakeholders that BoG would work closely with the government and international partners while preserving its autonomy as mandated by the Bank of Ghana Act, 2002 (Act 612). “We shall 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 policymaking and operations,” he explained. According to him, strengthening the central bank’s independence will boost investor confidence and facilitate long-term economic stability.
One of the most pressing concerns raised by Dr. Asiama was the need to reverse the Bank of Ghana’s negative equity position. He described it as essential to maintaining financial stability, credibility, and public trust. “We shall re-examine the Bank’s non-core operations where savings could be made and adopt austere measures to reduce operational costs,” he stated.
Additionally, he outlined a clear roadmap for returning the Bank’s negative equity to a positive position in the medium term, which he believes will enhance Ghana’s financial credibility in the global market.
In his concluding remarks, Dr. Asiama assured Ghanaians that the economic reset is not just rhetoric but a concrete action plan to restore trust, confidence, and financial stability. “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,” he said. He also emphasized that BoG’s policies would create a transparent and predictable financial system where businesses can thrive and individuals have access to secure financial services.
Dr. Asiama reaffirmed his commitment to serving Ghana with diligence, impartiality, and integrity. “As I take this oath of office, I do so with a solemn promise to the people of Ghana—to serve with unwavering commitment to the mandate of the Bank of Ghana,” he pledged. He called for support and collaboration from all stakeholders, urging Ghanaians to trust the central bank’s leadership in steering the country towards economic stability and growth.
By Desmond Tinana
