Exceptional track record of Dr Asiama, new BoG Governor

President John Dramani Mahama has nominated Dr. Johnson Pandit Kwesi Asiama as the next Governor of the Bank of Ghana (BoG), pending approval by the Council of State.
The nomination follows the request and acceptance of the current Governor, Dr. Ernest Addison, to proceed on leave ahead of his retirement on March 31, 2025.
A statement issued by the Acting Spokesperson to the President, Mr. Felix Kwakye Ofosu, confirmed the nomination, highlighting Dr. Asiama’s extensive experience and expertise in Ghana’s financial sector.
His appointment is expected to bring renewed direction to the BoG at a crucial time when the country is navigating complex economic challenges.

Proven track record
Dr. Asiama is widely regarded as one of Ghana’s leading economists, with a wealth of experience in monetary policy formulation, financial stability regulation, and economic research. He holds a PhD in Economics from the University of Southampton, UK, and has spent over two decades working at the BoG in various leadership capacities.
Between April 2016 and January 2018, he served as Deputy Governor of the BoG, where he played a key role in formulating monetary and financial policies to ensure macroeconomic stability.
His tenure saw significant improvements in exchange rate policies, liquidity management, and overall financial sector regulation. His deep knowledge of Ghana’s economic landscape positions him well to lead the BoG in steering the country’s financial future.

A commitment to stability and growth
Dr. Asiama has expressed a firm commitment to implementing sound monetary and exchange rate policies, fostering a robust financial system, and promoting accelerated economic growth. His nomination signals a continuity of efforts to stabilize the economy while ensuring sustainable financial sector reforms.
His key areas of expertise include monetary and exchange rate policy formulation and implementation, banking sector regulation and supervision, economic research, strategic financial decision-making, risk management, and digital banking regulation.
His leadership is expected to introduce innovative policies that align with global financial trends while addressing Ghana’s specific economic needs.

Council of State’s role in the appointment process
As required by Ghana’s constitution, Dr. Asiama’s nomination must be approved by the Council of State before he can officially assume office as Governor of the BoG.
The Council’s deliberations will focus on his credentials, past contributions to economic governance, and his vision for the central bank’s role in Ghana’s economic stability.
With Ghana facing critical economic reforms, particularly in managing inflation, currency stability, and financial sector growth, the approval of Dr. Asiama’s nomination will be a crucial step toward reinforcing confidence in the country’s economic policies.
His leadership is expected to bring strategic insights into monetary policy, ensuring that the BoG remains at the forefront of economic transformation in Ghana.
If confirmed, Dr. Asiama will lead the BoG at a time of significant financial evolution, with the rise of digital banking, fintech regulation, and evolving global economic conditions.
His extensive background and expertise will be instrumental in shaping policies that drive economic resilience and financial sector development.

Professional experience
Executive Chairman, Wessex Investments & Consultancy Ltd, Accra (February 2018 – Present)
Dr. Asiama currently manages a private consultancy firm specializing in economic research and advisory services, with a focus on project financing.
The firm provides strategic economic insights to businesses and government agencies, leveraging his deep knowledge of financial regulation and economic policy.

Deputy BoG Governor (May 2016 – January 2018)
As Deputy Governor, Dr. Asiama supervised key departments, including Research and Statistics, Banking Supervision, Financial Stability, Other Financial Institutions Supervisory Department (OFSD), Banking Department, and the Finance Department.
His responsibilities included assisting the Governor in formulating and implementing monetary and financial policies, overseeing economic research and analysis to guide decision-making, and designing monetary tools to manage liquidity, stabilize exchange rates, and control inflation.
He also represented the Bank of Ghana at national and international economic forums.

Assistant Director, Research Department of BoG
Dr. Asiama played a pivotal role in monetary policy formulation, overseeing the work of the Monetary Policy Committee (MPC) and supporting the Governor in performing key functions.
His contributions were instrumental in ensuring informed decision-making at the highest levels of economic governance.

WAIFEM Director (April 2010 – August 2013)
Dr Asiama was Director of Macroeconomic Management Department, West African Institute for Financial and Economic Management (WAIFEM) in Lagos-Nigeria
In this role, he planned and implemented capacity-building programs for central banks and ministries of finance across West Africa.
His expertise contributed significantly to improving macroeconomic management and financial stability in the region.

Research Department of BoG (2005 – April 2010)
As head of the Real Sector unit, Dr. Asiama monitored economic developments and advised on policies to enhance employment, output, and poverty reduction.
His work supported Ghana’s economic growth strategy and the central bank’s role in sustainable development.

Lecturer, University of Southampton (2003 – 2005)
He was a lecturer at the Department of Economics, University of Southampton in England.
Dr. Asiama taught undergraduate courses in International Monetary Theory and Policy, Principles of Macroeconomics, Principles of Microeconomics, Statistics for Economists, and Economics of the Environment.
His academic contributions helped shape future economists and policy analysts.

Financial Markets Department of BoG (1999 – 2001)
He coordinated with USAID Ghana to develop the first Financial Sector Strategic Plan (FINSSP I), which laid the foundation for financial sector reforms and policy direction in Ghana.

Banking Supervision Department of BoG (1996 – 1998)
Dr. Asiama participated in both off-site and on-site examinations of banks, ensuring regulatory compliance and financial stability within the banking sector.

Post graduate education
PhD in Economics – University of Southampton, UK (2001 – 2005).
MPhil in Economics – University of Ghana, Legon (1994 – 1996)
Dr Asiama completed under the Joint Faculty of Electives (JFE) programme within the Collaborative Masters Programme in Economics by the African Economic Research Consortium (AERC).

Under graduate education
He obtained BA (Hons) in Economics with Statistics (2nd Class Upper) – University of Ghana, Legon (1994 – 1996)

Secondary education
SC/GCE ‘A’ Level (Mathematics, Accountancy, French) – St. Peter’s Secondary School, Nkwatia-Kwahu (1987 – 1989)
SC/GCE ‘O’ Level (Science, Passed with Distinction) – Bishop Herman Secondary School, Kpandu, Ghana (1983 – 1987)

Key Skills
Dr. Asiama possesses expertise in monetary and exchange rate policy formulation, banking sector regulation and supervision, economic research and analysis, leadership and strategic management, crisis management, public speaking, risk management, and financial technology regulation.
His skills have been critical in shaping Ghana’s economic policy landscape.

Professional affiliations
Dr. Asiama is a member of the American Economic Association (AEA), a non-profit, nonpartisan scholarly organization dedicated to advancing economic research and policy development.

Publications
Financial Regulation in Ghana: Balancing Inclusive Growth with Financial Stability, UK Overseas Development Institute (ODI) Working Paper 410, November 2014.
An Assessment of Fiscal Sustainability in Ghana, Staff Working Papers.
The Impact of Fiscal Dominance on Monetary Policy in Ghana, West African Economic Review, 2014, Vol II No.2, West African Monetary Agency (WAMA).
Openness, Institutional Quality, and Financial Development in Sub-Saharan Africa (SSA), West African Financial and Economic Review, Vol. II, 2012.
Foreign Aid and the Human Development Indicators in Sub-Saharan Africa, Journal of Developing Societies, Vol. 25, Issue published January 1, 2009.
Movements in Real Equilibrium Exchange Rates in Selected African Countries, West African Financial and Economic Review, Vol. II, 2010.
Is Sub-Saharan Africa a Convergence Club?, Special Conference Series of SAGA Publications, Cornell University.
Essays in Economic Stabilization and Long-Run Growth in Sub-Saharan Africa, PhD Dissertation, University of Southampton, England.

Volta NDC
The National Democratic Congress (NDC) in the Volta Region has congratulated Dr. Johnson Asiama on his nomination by the President as Governor of the Bank of Ghana (BoG).
According to the party, Dr. Asiamah’s extensive expertise in central banking, monetary policy, and financial regulation makes him a highly suitable choice for this critical role, especially at a time when Ghana’s economic recovery and financial stability are of utmost importance.
In a statement on Saturday, February 1, and signed by the Regional Communication Officer, Mr. Kafui Sorkpa Agbleze, the NDC emphasised that Dr. Asiama’s appointment was a testament to his distinguished career and dedication to Ghana’s financial sector.
The Volta NDC further noted that Dr. Asiama’s appointment aligned with the party’s vision of strengthening Ghana’s financial institutions and ensuring prudent economic management.
They encouraged him to uphold the highest standards of professionalism, transparency, and accountability in managing the country’s monetary policies for the benefit of all Ghanaians.
By ELVIS DARKO, Accra