President John Dramani Mahama has tasked the Bank of Ghana (BoG) to restore stability in the country’s monetary system as he swore the new Governor of the BoG, Dr Johnson Pandit Kwesi Asiama, and the First Deputy Governor of the central bank, Dr Zakari Mumuni, into office.

“With Dr Asiama leading the Bank of Ghana, I’m confident that we will rebuild trust in the institution, we will restore stability and put our economy back on the path of sustained growth.”

“I entrust him with this responsibility knowing that he will serve with diligence and excellence,” the President said.

Performing the function in Accra yesterday, President Mahama emphasised the critical role of the central bank in restoring trust in the country’s economic governance.

"These appointments are not merely routine exercises to satisfy Article 183(4) of the Constitution. They constitute a deliberate commitment to the Bank of Ghana’s core mandate, outlined under Article 183(1-3), to regulate currency, ensure monetary stability and promote sustainable economic development in Ghana," he said.

The swearing-in ceremony was attended by the Vice-President, Professor Naana Jane Opoku-Agyemang; the Chief of Staff, Julius Debrah, and the Minister of Finance, Dr Cassiel Ato Forson, among other senior government officials.

A veteran with over 23 years of experience at the central bank and a previous stint as Second Deputy Governor between 2016 and 2017, Dr Asiama has a doctorate (PhD) in Economics from the University of Southampton and an extensive background in monetary policy formulation and financial stability regulation.

Dr Mumuni, on the other hand, has a doctorate from the University of Nottingham and a Master of Philosophy (MPhil) degree from the University of Ghana.

“Indeed, in full adherence to Section 17(1) of the Bank of Ghana Act, 2002 (Act 612), these appointments uphold the legal stipulation that Governor and Deputy Governors of the Bank of Ghana be individuals of demonstrable financial and banking experience,” President Mahama said. 

No interference

The President said he would ensure and uphold the independence of the BoG and avoid any interference from politicians.

“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 interests of the Ghanaian people,” President Mahama said.

He, however, urged Dr Asiama and Dr Mumuni to consider the human impact of their decisions.

"Every statistic, every movement on a chart, and every shift in an index is more than just data; it is the pulse of an economy, a measure of resilience or distress,” President Mahama said.

The President praised Dr Asiama's expertise in banking supervision, risk management and digital finance.

"With Dr Asiama heading the Bank of Ghana, I am confident that we will rebuild trust, restore stability and put our economy on a path of sustained growth,” he said.

On Dr Mumuni’s appointment, President Mahama said it was a recognition of his exceptional expertise, dedication and distinguished service in banking, financial markets and economic policy.

“He also has over two decades of experience at the Bank of Ghana, playing vital roles in shaping monetary policy and strengthening financial stability,” he said of Dr Mumuni.

“His academic credentials, including a PhD from the University of Nottingham and an MPhil from the University of Ghana, reflect his deep understanding of the complexities of our economy,” President Mahama added.

He said as First Deputy Governor, Dr Mumuni would be a key pillar in supporting the Governor to implement sound policies, reinforce regulatory oversight and navigate the challenges ahead.

“His experience and analytical rigour will be crucial in ensuring that the (central) bank remains steadfast in its mandate to maintain price stability, safeguard the financial sector and drive sustainable growth,” the President said.

President Mahama charged the two seasoned professionals with decades of experience to lead the institution's efforts to stabilise the economy, combat inflation and promote sustainable growth.

Commitment

When he mounted the podium, Dr Asiama thanked President Mahama for the confidence he had reposed in him and Dr Mumuni.

“Let me extend my sincere gratitude to the President and the Vice-President for this appointment, and to the Council of State for the endorsement of my appointment,” he said.

Dr Asiama reaffirmed his commitment to serve the people, stressing that “I will carry out my duties, guided by no interests other than the interests of the people of Ghana".

He acknowledged the importance of financial inclusion, and said: "Every Ghanaian, from traders to entrepreneurs, should benefit from a financial system that is modern, fair, and built to last".

The Governor pledged to work towards stabilising the macroeconomy and addressing key issues, such as high inflation, persistent fiscal deficits and excessive debt levels.

"We will build a more resilient foreign exchange market that inspires confidence among investors and businesses," Dr Asiama said.