President John Mahama has taken a swipe at the previous administration led by former President Nana Akufo-Addo, vowing not to misuse his authority by directing the Bank of Ghana (BoG) to print money to finance government spending.
Speaking at the swearing-in ceremony of the newly appointed BoG Governor, Dr. Johnson Asiama, and his First Deputy, Dr. Zakari Mumuni, at the Jubilee House, Mahama emphasized the importance of maintaining fiscal discipline to safeguard the country’s economic stability.
“The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy,” Mahama remarked. “When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiralling inflation, erosion of incomes, to driving millions into poverty.”
In a statement that appeared to criticize the Akufo-Addo government’s record, Mahama added, “One thing for sure… I am not going to ask you to print more money.”
This comment follows controversies surrounding the Bank of Ghana’s financing of government expenditure under the previous administration. The BoG’s 2022 annual report revealed that GH¢35 billion was printed in 2021 and GH¢42 billion in 2022 to support government activities—actions that drew sharp criticism from the then-Minority Caucus in Parliament for allegedly breaching Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).
Mahama reaffirmed his commitment to protecting the independence of the Central Bank, stressing that political interference in monetary policy would not be tolerated. “As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate. This is the path to building a resilient economy, one where policies are driven by discipline, foresight, and the best interest of the Ghanaian people,” he stated.
He also highlighted the need for responsible fiscal management and adherence to regulatory frameworks to maintain economic stability. “To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana,” Mahama added.
Dr. Johnson Asiama, upon taking office, pledged to rebuild trust in Ghana’s financial system by prioritizing transparency, stability, and innovation.
“We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity,” Dr. Asiama stated.
He stressed that the Bank’s renewed focus would go beyond promises and translate into concrete actions to restore public confidence. “This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust,” he noted.
Dr. Asiama also assured Ghanaians of his dedication to fairness and integrity. “As I take this oath of office, I do so with a solemn promise to the people of Ghana—that is to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana,” he affirmed.
His appointment comes after outgoing Governor Dr. Ernest Addison proceeded on leave ahead of his retirement, which is set for March 31, 2025.
Dr. Asiama brings significant experience to his new role, having previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017.
