President John Dramani Mahama has assured Ghanaians that his government will manage finances responsibly and will not ask the Bank of Ghana (BoG) to print money to support government spending.
Speaking at the swearing-in ceremony of Dr. Johnson Asiama as Governor of the Bank of Ghanaand Dr. Zakaria Mumuni as First Deputy Governor of the Bank of Ghana on Tuesday, February 25, 2025, Mahama urged them to work on improving the economy.
“One thing for sure I am not going to ask you to print more money,” Mahama stated firmly. He warned that unregulated printing of moneyleads to higher prices, loss of income, and more poverty. He emphasized that such actions do not only weaken public confidence in financial institutions but also threaten long term stability.
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Mahama also promised to let the central bank work without political interference.
“To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory framework and protect the independence of the Bank of Ghana. As president, I am committed to ensuring that the Central Bank operate free from political interference,” he said.
Ghana has been facing financial difficulties, and many experts have raised concerns about how money is managed. Mahama emphasized the importanceof rebuilding trust in the BoG because investors need confidence in the financial system. He believes the new BoG leaders have the experience needed to help strengthen the economy.
Mahama encouraged the new BoG leaders to use their expertise wisely and consider how their decisions affect ordinary citizens. He mentioned Ghana’s recent banking crisis, which caused many banks to close and led to job losses, urging them to prevent such problems in the future.
“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 were disrupted because decisions were made with a narrow focus rather than considering their human impact.
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The Bank of Ghana had the opportunity to salvage some of these institutions to protect people’s livelihoods while ensuring stability. However, an approach that ignored human consequences was taken instead.
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 future of those who depend on them,” Mahama advised.
He asked the new BoG leaders to work with the Ministry of Finance and Parliament while keeping their independence. He said their success would not only be measured by numbers but also by how their decisions improve people’s lives.
