President John Mahama has expressed confidence in Dr Johnson Pandit Kwesi Asiama’s ability to put Ghana’s economy on a path of sustained growth.
The President gave the assurance on Tuesday when he formally swore in Dr Asiama as Governor and Dr Zakari Mumuni as First Deputy Governor of the Central Bank at the seat of Government in Accra.
The President noted that the appointments were not merely routine exercises to satisfy Article 183(4) of the Constitution, but they constituted 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.
It is in full adherence to section 17(1) of the Bank of Ghana Act, 2002 (Act 612), that 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.
The President said to this effect, the choice of Dr Asiama and Dr Mumuni as Governor and Deputy Governor respectively, was a deliberate affirmation of their unshakable commitment to professionalism, integrity and proven competence as the sole criteria for high office.
He said a distinguished economist with a PhD from the University of Southampton, Dr Asiama’s ascent to this office was a natural progression from his long and dedicated service to the Bank of Ghana.
President Mahama said with over two decades at the institution—rising through the ranks from banking supervision and financial markets to leading research and policy implementation—Dr Asiama had played a pivotal role in shaping Ghana’s monetary policy and our efforts for financial stability.
He said as Deputy Governor, Dr Asiama was instrumental in controlling inflation, stabilizing the currency, and strengthening regulatory oversight.
He said Dr Asiama’s deep expertise in banking supervision, risk management, and digital finance positions him as the right leader at this critical time.
President Mahama said Ghana’s financial sector was in crisis, and the task ahead demanded 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,” he said.
“I entrust him with this responsibility, knowing he will serve with diligence and excellence.”
The President said Dr Mumuni’s appointment as First Deputy Governor was a recognition of his exceptional expertise, dedication, and distinguished service in banking, financial markets, and economic policy.
He said Dr Mumuni also had 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 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 said as First Deputy Governor, he would be a key pillar in supporting the Governor to implement sound policies, reinforce regulatory oversight, and navigate the challenges ahead.
He said Dr Mumuni’s experience and analytical rigour would be crucial in ensuring that the Bank remains steadfast in its mandate to maintain price stability, safeguard the financial sector, and drive sustainable growth.
He said together, Dr Asiama and Dr Mumuni bring the leadership, expertise, and vision needed to restore confidence in our economy.
“To you, Mr Governor and Deputy Governor, in discharging your mandate, you must 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—it is the pulse of an economy, a measure of resilience or distress,” the President said.
He said a dip in confidence indices might signal businesses on a brink, evolving market conditions, or changing household prospects.
President Mahama said behind these numbers were 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.
“Our recent banking history has shown us the cost of neglecting this truth,” President Mahama said.
He said 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.
He noted that the Bank of Ghana had the opportunity to salvage some institutions, to protect livelihoods while ensuring stability, but instead, an approach that ignored human consequences 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,” he said.
On his part, Dr Asiama expressed gratitude to the President and the Council of State for the confidence reposed in them.
He said the reset path the nation had embarked on was more than mere sloganeering; declaring that it was about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy was stable, innovative and ready for the future.
“Through responsible financial sector governance, digital transformation, and sound economic policies, we will create an economic and financial system that is transparent, predictable, and stable,” Dr Asiama said.
“Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”
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