Adnan Adams Mohammed
President John Dramani Mahama has charged the Bank of Ghana Governor and his 1st Deputy Governor to discharge their mandates in a manner that acknowledges market sentiments and statistics as the pulse of the economy.
He tasked them to go beyond mere technical considerations and act in full recognition that every statistic, every movement on a chart, and every shift in an index is more than just data, but, it is also indeed the pulse of an economy, a measure of resilience or distress.
President Mahama, while swearing the two, Dr. Johnson Pandit Kwesi Asiama as Governor and Dr. Zakari Mumuni as First Deputy Governor of the Bank of Ghana, further indicated that a dip in confidence indices may give a signal that businesses are severely challenged, or may point to evolving market conditions, or changing household prospects.
“Behind these numbers are real human stories—dreams either nurtured or shattered—demanding not just your highly extolled analytical expertise, but empathy and foresight that acknowledge the profound human consequences of every decision”, President Mahama pointed out, emphasizing the effect of the banking sector’s cleanup exercise that had a deep toil on investors in government securities and the Ghanaian economy.
“Our recent banking history has shown us the cost of neglecting this truth.”
“During the supposed banking sector cleanup exercise, thousands of jobs were lost and lives disrupted because decisions were made with a narrow focus rather than considerations of the human impact.”
The President reflected that, the Bank of Ghana had the opportunity to salvage some institutions, to protect livelihoods while ensuring stability, but instead, took an approach that ignored the human consequences that prevailed.
“The test of your patriotism in this solemn duty of economic governance lies in learning from these missteps—recognizing that policies must not only enforce regulations but also safeguard the futures that depend on them.
“The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy.”
The recent past’s economic downturn faced by the country, where inflation skyrocketed to historic highs, accompanied by a quantum leap in the cedi’s depreciation stemmed from the unsustainable debt have taught government actors and analysts that, when governments resort to unsustainable consumption expenditure, financed by excessive and unregulated printing of money, the consequences are severe— from spiraling inflation and erosion of incomes, driving millions into poverty. Such actions not only weaken public confidence in financial institutions, but also threaten long-term stability.
To safeguard an economy from these risks, the managers must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks and the protection of the independence of the central bank.
Meanwhile, President Mahama assured the Governor and his First Deputy of his resolve to allow the Bank of Ghana to operate independently.
“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.
“I encourage you to work closely with key institutions, including the Ministry of Finance, Parliament and the financial industry while maintaining the independence your mandate requires.”
The appointments of the Governor and his deputy 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.
In full adherence to section 17(1) of the Bank of Ghana Act, 2002 (Act 612), these appointments uphold the legal stipulation that the Governor and Deputy Governors of the Bank of Ghana be individuals of demonstrable financial and banking experience.
“For Dr. Asiama, a distinguished economist with a PhD from the University of Southampton, his ascent to this office is a natural progression from his long and dedicated service to the Bank of Ghana” President Mahama has asserted. “With over two decades at the institution—rising through the ranks from banking supervision and financial markets to leading research and policy implementation—he has played a pivotal role in shaping Ghana’s monetary policy and the efforts towards financial stability.
“As Deputy Governor, he was instrumental in stemming inflation, stabilizing the currency, and strengthening regulatory oversight. His deep expertise in banking supervision, risk management, and digital finance positions him as the right leader at this critical time.
“Ghana’s financial sector is in crisis, and the task ahead demands experience, foresight, and decisive leadership. 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. I entrust him with this responsibility, knowing he will serve with diligence and excellence.”
On his own part, Dr. Mumuni’s appointment is 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. His academic credentials, including a Ph.D. from the University of Nottingham and an MPhil from the University of Ghana, reflect his deep understanding of the complexities of our economy.
As First Deputy Governor, he will be a key pillar in supporting the Governor to implement sound policies, reinforce regulatory oversight, and navigate the challenges ahead. His experience and analytical rigor will be crucial in ensuring that the Bank remains steadfast in its mandate to maintain price stability, safeguard the financial sector, and drive sustainable growth.
“Together, Dr. Asiama and Dr. Mumuni bring the leadership, expertise, and vision needed to restore confidence in our economy” President Mahama enthused.
