In a significant move aimed at restoring confidence in Ghana’s economic governance, President John Dramani Mahama has sworn in Dr Johnson Pandit Kwesi Asiama as the Governor of the Bank of Ghana (BoG) and Dr Zakaria Mumuni as the First Deputy Governor.
This appointment, the President emphasized, is a deliberate effort to uphold professionalism, integrity, and competence in the country’s apex financial institution.
During the swearing-in ceremony, President Mahama underscored the constitutional and statutory obligations that govern appointments to the Bank of Ghana.
“These appointments are not merely routine exercises to satisfy Article 183(4) of the constitution, but they constitute a deliberate commitment to the Bank of Ghana’s core mandate as outlined under Article 183(3) to regulate the currency, ensure monetary stability, and promote the sustainable economic development of Ghana.
“Indeed, in adherence to section seventeen one of the Bank of Ghana Act, 2002 (Act 612) these appointments uphold the legal stipulation that the governor and deputy governors of the Bank of Ghana be individuals of demonstrable financial and banking experience.”
President John Dramani Mahama
President Mahama expressed his unwavering confidence in the capabilities of Dr. Asiama and Dr. Mumuni, describing their selection as a testament to their outstanding track records in banking, monetary policy, and economic governance.
He assured the nation that their leadership would be instrumental in navigating the country through its current economic difficulties, ensuring stability, and implementing sound financial policies.
Proven Expertise and Leadership
Dr. Johnson Asiama, an esteemed economist with a doctorate from the University of Southampton, has had a distinguished career spanning over two decades at the Bank of Ghana.
He has risen through the ranks from banking supervision and financial markets to research and policy implementation.
As Deputy Governor, he played a crucial role in managing inflation, stabilizing the national currency, and strengthening regulatory oversight.
His deep expertise in banking supervision, risk management, and digital finance, according to President Mahama, makes him the ideal candidate to lead the central bank at this critical moment.
Similarly, Dr. Zakaria Mumuni, who holds a PhD from the University of Ghana, brings a wealth of experience to his new role.
With over 20 years of service at the Bank of Ghana, he has been integral in shaping monetary policy and ensuring financial stability.
President Mahama noted that Dr. Mumuni’s keen analytical skills and policy acumen would be vital in helping the central bank maintain price stability, safeguard the financial sector, and drive sustainable economic growth.
Together, Dr. Asiama and Dr. Mumuni’s leadership is expected to restore trust in the Bank of Ghana, an institution that has faced intense scrutiny in recent years due to concerns over monetary policy decisions and regulatory lapses.
The Human Impact of Economic Policies
President Mahama took the opportunity to stress that the Bank of Ghana’s policies should go beyond mere technical considerations.
He highlighted the direct impact that financial decisions have on ordinary Ghanaians, cautioning against a narrow focus on numbers and statistics.
He urged the new leadership to ensure that monetary policies take into account the human consequences, emphasizing that economic governance should serve the people and not merely financial markets.
“A dip in confidence in these indices may signal business on a brain, evolving market conditions or changing our smooth prospects. Behind these numbers are real human beings, real human stories.
“People’s dreams are either nurtured or shattered. Demanding not just your highly extolled analytical expertise but empathy and foresight that acknowledge the profound human consequences of every decision you take.”
President John Dramani Mahama
Reflecting on past banking crises, he criticized the handling of the so-called “banking sector clean-up,” which led to job losses and financial hardships for many Ghanaians.
According to the President, while regulatory enforcement is essential, policies should also protect livelihoods and foster economic resilience.
He called on the new leadership to learn from these past missteps and prioritize financial policies that balance stability with human-centred economic growth.
The Dangers of Fiscal Recklessness
President Mahama did not mince words in addressing the risks posed by fiscal mismanagement. He warned against the excessive and unregulated printing of money, which he said could lead to spiraling inflation, the erosion of incomes, and the deepening of poverty.
He stressed that the central bank must work independently and avoid succumbing to political pressures that could undermine its mandate.
In an apparent reference to past instances of monetary expansion under political influence, he reassured the new leadership that his administration would not interfere in the operations of the Bank of Ghana.
“One thing for sure, I’m not going to come and ask you to print more money,” President Mahama asserted, underscoring his commitment to responsible fiscal management.
To safeguard the country’s economy, he urged the BoG leadership to work closely with key institutions, including the Ministry of Finance, Parliament, and the broader financial industry, while maintaining the independence required for effective economic governance.
He stressed that disciplined policies, fiscal responsibility, and forward-thinking financial strategies were necessary to build a resilient economy.
As he concluded his address, President Mahama extended his heartfelt congratulations to Dr. Asiama and Dr. Mumuni, expressing confidence in their ability to steer the central bank towards stability and growth.
He urged them to uphold the highest standards of professionalism and integrity, ensuring that the Bank of Ghana remains an institution that inspires public trust.
The swearing-in of the new BoG leadership marks a pivotal moment in Ghana’s economic trajectory.
With a renewed commitment to monetary discipline, regulatory excellence, and human-centred economic policies, Dr. Asiama and Dr. Mumuni are expected to chart a course that restores confidence in the central bank and strengthens Ghana’s financial sector.
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