In this vein, he mentioned, would seek to re-examine the Bank’s non-core operations where savings could be made.

Dr Asiama made the pledge in Accra on Tuesday when he was sworn into office by the President, John Dramani Mahama.

The BoG took the biggest hair­cut as part of the debt restructur­ing exercise in 2023 to ensure debt sustainability and macro stability.

“We shall adopt several austere measures to help reduce the Bank’s operational costs and achieve cost efficiency,” he stated, adding that “the BoG would craft very clear policies to improve its equity position.”

The Governor stated that the reset agenda of the government was about stabilising the macro­economy and addressing key issues such as high inflation, persistent fiscal deficits, and excessive debt levels.

“The reset path the govern­ment has embarked on is more than mere sloganeering, stress­ing it was about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy is stable, innovative and ready for the future,” Dr Asiama explained.

He said achieving economic stability would require monetary and exchange rate policy reforms, fiscal austerity measures, and debt restructuring to reduce fiscal risks and create a stable economic envi­ronment.

“Indeed, the Bank of Ghana is a key institution in this agenda to reset the economy and must remain steadfast in its mission to maintain price stability, ensure a sound financial system, and support economic growth,” Dr Asiama stated.

Again, he noted that through responsible financial sector gover­nance, digital transformation, and sound economic policies, the BoG would create an economic and financial system that was transpar­ent, predictable, and stable.

In line with the mandate and confidence reposed in him, Dr Asiama said his focus would be on six priority areas to engender mac­roeconomic stability and growth of the economy.

He mentioned them as the need to recalibrate monetary policy strategy and enhance the policy framework, the need to preserve exchange rate stability and limit ex­cessive volatility in the rates, realign regulatory mandate to promote greater levels of financial inter­mediation to support economic growth, boost financial inclu­sion and innovation to promote inclusive economic growth, reduce poverty, empower individuals, and ensure the stability and competi­tiveness of the financial system.

Dr Asiama further said his priority would be the need to pro­mote greater fiscal and monetary policy coordination while main­taining our operational indepen­dence.

“Under my leadership, our pol­icies will be clear, predictable, and responsive to emerging threats,” the Governor stated.

Dr Asiama said under his tenure, the BoG shall adopt a more proactive and precise approach to managing inflation, leveraging on advanced data analytics and artifi­cial intelligence.

“Also, we shall coordinate pol­icy efforts with other government agencies for example to manage  food prices,” he stressed.

He said the BoG would be consistent in its policy actions to avoid sending conflicting signals as happened in the recent past, and work to enhance monetary policy implementation.

“Among others, we shall, pursue reforms in the inflation targeting framework to foster more transparency and enhance the effectiveness of monetary policy implementation, discontinue the use of differentiated cash reserve requirements, and instead rely on open market operations (OMOs) to manage liquidity conditions, and improve the Bank’s com­munication regime and ensure regular dialogue with banks on regulatory matters.

Moreover, Dr Asiama indicat­ed that the BoG was confident that the current levels of inflation would l gradually trend back to target range and within the fore­cast horizon.

The Governor noted that he would work to preserve exchange rate stability and limit excessive volatility in the rates.