The reset is about tackling high inflation, persistent fiscal deficits, excessive debt levels – Asiama
Governor of the Bank of Ghana, Dr Johnson Asiama has extended his gratitude to His Excellency, the President and Her Excellency the Vice President for his appointment, and to the Council of State for the endorsement.
During his swearing-in on Tuesday, February 25, he remarked that under the leadership of President John Dramani Mahama, Ghana is embarking on an economic reset.
“This reset is about stabilizing the macroeconomy and addressing key issues such as high inflation, persistent fiscal deficits, and excessive debt levels,” he said.
He stated that 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.
“We are meeting today at a pivotal moment in our nation’s economic history. The challenges before us require decisive leadership and prudent macroeconomic policies to reset the economy. Indeed, the Bank of Ghana is a key institution in this agenda to reset the economy and must remain steadfast in its mission to maintain price stability, ensure a sound financial system, and support economic growth,” he said.
“My priority is on the need to promote greater fiscal and monetary policy coordination while maintaining our operational independence. The Bank of Ghana operates independently under the BOG Act 2002 (Act 612), and as amended; and we will uphold this independence while working collaboratively with government and our international partners.
“To strengthen our independence further, we shall enhance key provisions in the Bank of Ghana Act, 2002 (Act 612) and as amended, to ensure that institutional autonomy is not just a legal principle but a practical reality in our policymaking and operations. We will engage constructively with government and other key stakeholders to always ensure alignment between monetary, fiscal and other policies,” he said.
Dr Asiama further said that the BoG will work to ensure that its negative equities are turned into positives.
He stated that “My priority is on the need to boost financial inclusion and innovation to promote inclusive economic growth, reduce poverty, empower individuals, and ensure the stability and competitiveness of the financial system.
“It is gratifying to note that Ghana is well-poised to become a regional hub for financial technology and digital assets; and this transformation agenda will be pursued with appropriate safeguards and policies to ensure financial stability, while fostering innovation in the payment ecosystem.”
