The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has reaffirmed the central bank’s commitment to restoring confidence in the financial sector, ensuring price stability, and driving the nation’s economic resilience. Speaking during the swearing-in ceremony of the new Governing Board on Thursday, March 13, Dr. Asiama outlined a bold vision to address Ghana’s pressing economic challenges.
A Call to Action Amid Economic Turmoil
Addressing the gathering, Dr. Asiama emphasized that the nation stands at a critical juncture characterized by rising inflation, currency volatility, macroeconomic instability, and fiscal constraints. These challenges, he noted, demand urgent and strategic action.
“This board, composed of distinguished professionals with extensive expertise, has been entrusted with guiding the Bank’s policy direction. Our mission is clear: to restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance,” he stated.
Dr. Asiama underscored the board’s responsibility to make decisions that will shape not only the future of the central bank but also impact businesses, households, and the broader economy. He assured stakeholders that the board would uphold excellence, transparency, and independence in monetary and financial policies.
Government’s High Expectations
Vice President Professor Jane Naana Opoku-Agyemang, who officiated the inauguration, reiterated the central bank’s pivotal role in the government’s economic agenda. She reminded the board that its performance would directly influence the administration’s success in rebuilding trust and restoring macroeconomic stability.
“The President’s social contract with Ghanaians hinges on responsive financial governance and sound economic policies. The Bank of Ghana, alongside other key stakeholders, is central to delivering on this mandate,” she said.
Professor Opoku-Agyemang also highlighted the board’s diverse composition, including over 40% female representation, as a demonstration of the government’s commitment to inclusivity and global best practices.
Charting a Path to Stability and Growth
Dr. Asiama announced the bank’s focus on regulatory realignment to promote financial intermediation and economic growth. While Ghana’s banking sector has shown stability following recent crises, he acknowledged lingering challenges that require targeted reforms.
“Our regulatory efforts will prioritize tackling high non-performing loans, enhancing risk management practices, and addressing cybersecurity vulnerabilities. We will update the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), to strengthen our resolution framework and ensure that distressed institutions are effectively managed,” Dr. Asiama declared.
He emphasized that the BoG would work collaboratively with financial institutions, businesses, and technology partners to build a modern and inclusive financial system that benefits all Ghanaians.
A Vision for the Future
Dr. Asiama pledged that under the new board’s stewardship, the BoG would pursue policies to ensure financial stability while fostering innovation and responsible lending. “We aim to create a resilient financial system that empowers traders, entrepreneurs, and businesses to thrive in a fair and sustainable economic environment,” he said.
The new board’s inauguration marks the beginning of a transformative era for the Bank of Ghana. With a clear mandate and the backing of government leadership, the board is poised to tackle Ghana’s economic challenges and restore public trust in the central bank.
Story by: Mercy Addai Turkson #ahotoronline.com
