President Mahama reaffirmed the commitment to ensure the Bank of Ghana operates independently and free from political pressure. During the swearing-in of new officials, he stressed the importance of understanding the human consequences of economic data and decisions. Dr. Asiama highlighted key priorities which include reworking monetary policy and enhancing financial inclusion. The emphasis is placed on responsible fiscal management and restoring public trust in the financial system.
President John Dramani Mahama has emphasized the commitment of his Government to ensure the Bank of Ghana (BoG) operates independently and free from political influence, aligning its actions with its core mandate. “This is the path to building a resilient economy—one where policies are driven by discipline, foresight, and the best interests of the Ghanaian people,” he stated during the swearing-in of new central bank officials in Accra.
The President reiterated that the Government would refrain from requesting the Central Bank to print money, urging close collaboration with institutions like the Ministry of Finance and the financial sector. He highlighted the importance of maintaining the independence that the central bank requires to function effectively.
During the ceremony, Mahama congratulated Dr. Johnson Pandit Asiama and Zakari Mumuni on their appointments as Governor and First Deputy Governor, respectively. He expressed confidence in their capabilities to fulfill their roles and highlighted the necessity for them to recognize the broader implications of their decisions on the economy, which reflects human stories behind the statistics.
Acknowledging recent challenges in the banking sector, Mahama remarked that neglecting the human impact of financial decisions can have dire consequences, following a banking sector cleanup that led to considerable job losses and disrupted lives. He urged the new appointees to focus on the lessons learned from past mistakes to guide future policies.
The President cautioned against the perils of fiscal irresponsibility, stressing that excessive government spending financed by irresponsible money printing could lead to severe inflation and widespread poverty, thereby undermining trust in financial institutions. He called for strict adherence to responsible fiscal management practices to secure long-term economic stability.
Dr. Asiama expressed appreciation for the trust placed in him by the President and reiterated the need for decisive leadership to tackle economic challenges. He identified key priorities for the Bank of Ghana, including reevaluating monetary policy strategies and ensuring exchange rate stability.
In his focus area, Asiama emphasized fostering financial inclusion and innovation, aiming to promote equitable economic growth, reduce poverty, and ensure a robust financial system. He declared that the efforts to reset the economy are grounded in restoring public trust and confidence, preparing for a stable and innovative economic future.
President Mahama underscored the Bank of Ghana’s independence to foster a disciplined and foresighted economic environment. He urged new executives to marry technical proficiency with empathy when making decisions that affect the Ghanaian populace. Dr. Asiama pledged to prioritize strategic monetary policies and financial inclusivity to revitalize the economy while maintaining stability and public trust. The government and central bank’s collaborative efforts are crucial for sustainable economic growth and stability.
Original Source: www.ghanabusinessnews.com
