President John Dramani Mahama has assured of his commitment to ensuring that the Bank of Ghana remains independent and free from political interference.
He emphasised that, under no circumstance, will he instruct the Central Bank to print more money.
Speaking at the swearing-in ceremony of the newly appointed Governor of the Bank of Ghana, alongside the First Deputy Governor Dr Johnson Pandit Asiama and Zackariah Mumuni, President Mahama voiced his concerns about the Akufo-Addo administration’s approach to the banking sector cleanup.
[embedded content]He criticised the reforms as overly narrow in focus, failing to account for the human impact of such decisions.
“A dip in confidence indices may signal businesses on the brink, evolving market conditions, or changing household prospects,” he remarked.
But behind these numbers are real human stories and dreams either nurtured or shattered requiring not just analytical expertise but also empathy and foresight, recognising the profound human consequences of every decision.
He highlighted that the banking sector cleanup had resulted in the loss of thousands of jobs and disruption to lives, stating, “During the so-called banking sector cleanup exercise, thousands of jobs were lost and lives disrupted because decisions were made with a narrow focus, rather than considering their human impact.”
He continued by noting that the Bank of Ghana had an opportunity to rescue certain institutions and protect livelihoods while ensuring stability.
“The test of your patriotism in this solemn duty of economic governance lies in learning from these missteps recognising that policies must not only enforce regulations but also safeguard the futures that depend on them,” President Mahama said.
Reflecting on Ghana’s recent banking history, he warned of the dangers of fiscal irresponsibility and the lasting harm it could inflict on the economy.
“When governments resort to unsustainable consumption expenditure, financed by excessive and unregulated printing of money, the consequences are severe,” he cautioned. “From spiralling inflation, erosion of incomes, to pushing millions into poverty, such actions not only undermine public confidence in financial institutions but also threaten long-term stability.”
He emphasised that to protect the economy, it is crucial to uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana.
“As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate,” he declared. “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 concluded by urging the new leadership at the Bank of Ghana to collaborate closely with key institutions, including the Ministry of Finance, Parliament, and the financial sector while safeguarding the independence their mandate requires.
“On behalf of the people of Ghana, I extend my heartfelt congratulations to you both,” he said. “I am confident in your expertise, vision, and integrity to discharge your mandate with excellence.”
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