The Asantehene, Otumfuo Osei Tutu II, has issued a stern warning against the politicization of the Bank of Ghana (BoG), describing the central bank as a national “citadel” that must remain shielded from partisan conflict, during a high-profile courtesy call on the Governor, Dr. Johnson Pandit Asiama, at the newly commissioned Bank Square.
Speaking during his ceremonial visit, which served as a platform for the King to engage with the nation’s economic managers on pressing issues regarding “currency stability, the cost of credit, and the necessity of institutional independence,” the monarch asserted that the integrity of the institution is inextricably linked to the survival of the national economy.
“This is a unique institution with a mandate that ultimately affects every citizen of the land. Ideally, this citadel should be a fortress insulated from the strings and arrows of political warfare. Whatever it is, we should think twice before we do anything that has the capacity to cast a snare on the integrity of the bank”
Asantehene, Otumfuo Osei Tutu II
The Asantehene cautioned that any attempt to undermine the Bank’s credibility could lead to national economic failure, arguing that the Bank of Ghana must be viewed as a fortress of professional excellence rather than a pawn in electoral politics – particularly as the country navigates a period of economic recalibration.
A significant portion of the dialogue focused on the performance of the local currency. Otumfuo Osei Tutu II highlighted the profound impact of a volatile exchange rate on the ordinary Ghanaian, noting that the Cedi’s health is the primary barometer for national prosperity.
He observed that while the Cedi has shown recent signs of stabilizing after a period of intense pressure, the central bank must remain vigilant to ensure this progress is not reversed. The monarch used a striking comparison to illustrate the gravity of monetary instability, suggesting that a failing currency creates a level of national chaos that eclipses even natural disasters.
“You are responsible for the national currency, and you are also responsible for determining the rate at which we can borrow money. It is a fact of history that when the currency is healthy, it bristles with opportunities, and the people are able to use the currency to create businesses. The businesses ultimately create jobs, and the jobs create wealth”
Asantehene, Otumfuo Osei Tutu II
Reducing High Interest Rates
Beyond currency concerns, the King challenged the Governor and the Monetary Policy Committee (MPC) to find creative solutions to Ghana’s high interest rate regime. He argued that the current cost of borrowing acts as a significant deterrent to private sector investment and wealth creation.
For a sustainable economic recovery to take root, the monarch insisted that credit must become affordable for entrepreneurs and households alike. He framed the central bank’s decisions not as abstract policy but as the determining factor in the quality of life for all Ghanaians, impacting everything from food security to housing.
The Asantehene acknowledged that while macroeconomic indicators have shown improvement, the “trotro” passenger and the market woman do not trade in statistics; they trade in real costs. He urged the bank’s leadership to ensure that the technical successes of the MPC translate into lower borrowing costs at the commercial bank level.
Concluding his address, the Asantehene appealed to political actors across the divide to allow the Governor and his technical team the necessary space to exercise their professional duties without undue pressure.
He expressed confidence in the current leadership’s capacity to stabilize the economy but warned that success requires national support rather than constant litigation in the court of public opinion. He also urged that the language of economic policy be simplified so that the average citizen can understand the stakes involved in the bank’s work.
“I will appeal to the nation and both sides of the political divide to give the Governor, my son and his team a chance, give them the space and respect to perform their professional duties. Support them along the right path. This is our bank; if they fail, we risk collapse, if they succeed, we walk in wealth and in glory”
Asantehene, Otumfuo Osei Tutu II
The Asantehene further noted that after a challenging fiscal year, Ghanaians have begun to “breathe easy,” as the Cedi stabilizes, but he cautioned against premature celebration. He stressed the need for an honest assessment of the true state of the economy before fully embracing optimism.
The visit reinforced the growing role of traditional leadership in providing oversight and moral authority within the country’s economic discourse, bridging the gap between state institutions and the general public.
As the Bank of Ghana continues to manage the recovery process, the Otumfuo’s call for institutional immunity serves as a reminder that economic stability requires a foundation of political restraint.
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