Dr. Asiama outlines 6 priority areas to turn around economy

The new Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has outlined six priority areas for turning around Ghana’s economy.
Under the leadership of President John Dramani Mahama, Ghana is embarking on an economic reset aimed at stabilizing the macroeconomy and addressing key issues such as high inflation, persistent fiscal deficits, and excessive debt levels.
“Achieving this stability will require monetary and exchange rate policy reforms, fiscal austerity measures, and debt restructuring to reduce fiscal risks and create a stable economic environment,” Dr. Asiama stated during his swearing-in as Governor, along with Dr. Zakari Mumuni, appointed as First Deputy Governor by President Mahama at the seat of Government in Accra.

Strengthening the mandate of the BoG
These appointments were not merely routine exercises to satisfy Article 183(4) of the Constitution; they constitute a deliberate commitment to the BoG’s core mandate—regulating currency, ensuring monetary stability, and promoting 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 with demonstrable financial and banking experience.

6 priority areas for economic transformation
Dr. Asiama expressed gratitude to President Mahama and the Council of State for the confidence placed in him.
He emphasized that his inauguration comes at a pivotal moment in the nation’s economic history, when decisive leadership and prudent macroeconomic policies are urgently needed.

Monetary policy strategy
Dr. Asiama’s first priority is to recalibrate Ghana’s Monetary Policy Strategy, enhancing the policy framework to achieve the BoG’s mandate more efficiently.
“We shall adopt a more proactive and precise approach to managing inflation, leveraging advanced data analytics and artificial intelligence,” he said.
He also promised coordinated policy efforts with other government agencies to manage food prices and avoid sending conflicting signals.

Exchange rate stability
His second priority focuses on preserving exchange rate stability and curbing excessive volatility.
“The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens. “Under my leadership, the BoG will engineer a well-functioning and stable foreign exchange market to support economic activity,” he stated.

Regulatory pealignment
The third priority involves realigning the Bank’s regulatory mandate to promote greater financial intermediation, addressing legacy challenges in the banking sector through strict prudential regulations and fostering an environment for responsible lending and innovation.

Financial inclusion and innovation
His fourth focus is to boost financial inclusion and innovation, reducing poverty and empowering individuals.
Dr. Asiama highlighted that Ghana is well-poised to become a regional hub for financial technology and digital assets, a transformation that will be pursued with appropriate safeguards to ensure financial stability.

Fiscal and monetary coordination
The fifth priority is promoting greater fiscal and monetary policy coordination while maintaining operational independence.

Reversing negative equity
Dr. Asiama emphasized the need to reverse the BoG’s negative equity position.
“We shall adopt several austere measures to reduce the Bank’s operational costs and achieve cost efficiency.
“Additionally, we will craft clear policies to return the Bank’s negative equity to positive equity in the medium term,” he explained.

Restoring public trust and confidence
Dr. Asiama’s strategic roadmap is not mere sloganeering; it is a comprehensive plan aimed at restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy becomes 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,” he declared, adding that businesses will have the confidence to plan and individuals will have access to a secure financial system that fosters growth and opportunity.

President Mahama’s endorsement
President Mahama expressed unequivocal confidence in Dr. Asiama’s ability to steer Ghana’s economy towards sustained growth.
Praising the selection of Dr. Asiama and Dr. Mumuni as Governor and Deputy Governor respectively, President Mahama noted that their appointments are a deliberate affirmation of professionalism, integrity, and proven competence.
“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 stated.
The President highlighted Dr. Asiama’s long and dedicated service at the BoG, emphasizing his pivotal role in controlling inflation, stabilizing the currency, and strengthening regulatory oversight.

The human impact of economic policies
President Mahama also stressed that behind every economic statistic are real human stories—dreams nurtured or shattered—and that policy decisions must account for these profound human consequences.
“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,” he said.
Reflecting on recent banking sector cleanup exercises that led to job losses and disrupted lives, the President underscored the importance of learning from past missteps.
“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 added.

A new dawn for Ghana’s economy
Together, Dr. Asiama and Dr. Mumuni bring the leadership, expertise, and vision needed to restore confidence in Ghana’s economy.
Their collective mandate is to navigate the country through its current financial challenges and to lay the foundation for a stable and prosperous future.
The commitment to transparency, innovation, and accountability in economic policy is expected to set Ghana on a path of sustained growth and development, reaffirming the nation’s resilience and determination to build a better future.