President John Dramani Mahama has assured Ghanaians that his administration will not pressure the Bank of Ghana (BoG) to print money to finance government spending, stressing the need for the central bank’s independence.
Speaking after the swearing-in of Dr Johnson Pandit Kwesi Asiama as Governor and Dr Zakaria Mumuni as First Deputy Governor of the Bank of Ghana on Tuesday, February 25, 2025, President Mahama urged them to implement sound monetary policies to restore economic stability.
The president underscored the importance of fiscal responsibility, warning that previous decisions had weakened public confidence in the country’s financial system.
“One thing for sure, I am not going to come and ask you to print more money,” Mr Mahama said, cautioning against excessive money printing, which he linked to inflation, rising poverty, and economic instability.
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He reaffirmed his administration’s commitment to allowing the central bank to operate without political interference. “To protect our economy from these risks, we must manage public finances responsibly, follow legal and regulatory guidelines, and safeguard the independence of the Bank of Ghana,” he said.
Ghana’s economic challenges
Mr Mahama stressed the need to restore trust in the central bank, saying this was crucial for economic stability and investor confidence.
He pointed to the experience of Dr. Asiama and Dr. Mumuni, expressing confidence in their ability to implement policies that will strengthen the economy.
Dr. Asiama, an economist with a PhD from the University of Southampton, has worked at the Bank of Ghana for over two decades.
He has held roles in banking supervision, financial markets, and research, playing a major part in shaping Ghana’s monetary policy.
Dr. Mumuni, who holds a PhD from the University of Nottingham, has also spent more than 20 years at the central bank, specialising in financial stability and economic policy.
Lessons from the past
Mr Mahama urged the new central bank leadership to combine technical expertise with an awareness of how economic policies affect ordinary Ghanaians.
He referenced Ghana’s recent banking crisis, where several financial institutions collapsed, leading to widespread job losses.
“The test of your patriotism lies in learning from past missteps. Policies must not only enforce regulations but also protect the livelihoods of those who depend on them,” he said.
Call for stability and growth
The president encouraged the new leadership to work with institutions such as the Ministry of Finance and Parliament while maintaining their independence.
He stressed that their success would not be judged by statistics alone but by the real impact of their decisions on people’s lives.
