We will restore BoG’s financial strength – Governor Asiama pledges

The Governor of Bank of Ghana (BoG) Dr. Johnson Asiama has pledged to restore the financial strength of the central bank.

He assured that the Board of Directors will work hard to restore confidence and the integrity of the central bank.

The Finance Minister, Dr. Ato Forson during the presentation of the 2025 Budget disclosed that the BoG needs GH₵53 billion bailout to address its negative equity position.

According to him, the bank will use strategic measures to reduce inflation and strengthen the financial position of the bank. He made the pledge at the inauguration of the Board of Directors of the bank in Accra today, March 13, 2025.

“Our mission is clear: we must restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance”, he said.

He pointed out that the board is made up esteemed professionals with vast expertise.

Dr. Asiama said the board will be guided by the bank’s policy direction and ensure that the challenges facing the BoG are resolved with boldness, integrity, and accountability.

“The role of the Bank of Ghana has never been more critical. We stand at a time of significant economic challenges—macroeconomic instability, rising inflationary pressures, currency volatility, and fiscal constraints—all of which demand urgent and strategic action”, he said.

He stated that the decisions that will be taken by the board will not only shape the future of the bank but also impact businesses, households, and the overall economy.

This morning’s inauguration provides us an opportunity to reaffirm our commitment to excellence, transparency, and independence in our monetary and financial policies”, he said.

Chairperson of the swearing in ceremony, Vice President Prof. Naana Jane Opoku-Agyemang charged the Board of Directors to restore confidence in the financial sector and make sure their activities are in line with government’s agenda of resetting the economy.

She stated the success or otherwise of the government depends to a large extent, on the performance of the central bank.

“The President’s social contract with the people of Ghana to reset, rebuild and restore public trust and macro-economic stability, through responsive financial sector governance and sound economic policies rests on your shoulders as the Board, in equal manner as the Cabinet, the Minister for Finance and all other key stakeholders”, she stressed.

She advocated a system that will allow individual and collective expertise to steer governance of the bank, to ensure that the President’s economic agenda of resetting the country is achieved.

“As good corporate governance requires of all new Boards, I urge you to examine the existing policies of the bank to ensure that such policies are aligned with leading contemporary policies and more importantly, that it is aligned to government’s social contract with the people of Ghana”, she advised.

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