My priority is to reverse Bank of Ghana’s losses – Asiama

The newly sworn-in Governor of the Bank of Ghana (BoG), Dr Johnson Asiama has said that one of his priority areas is the need to reverse the Bank of Ghana’s negative equity position.

He expresses the view that a reversal of the negative equity will maintain financial stability, credibility, and public trust.

In this vein, he said they will seek to re-examine the Bank’s non-core operations where savings could be made. We shall adopt several austere measures to help reduce the Bank’s operational costs and achieve cost efficiency.

“Additionally, we will craft very clear policies to return the Bank’s negative equity to positive equity in the medium term,” he said during his swearing-in by President John Dramani Mahama on Tuesday, February 25.

The Bank and the group reported a loss of GH¢10.50 billion for the year 2023, as against the GH¢60.86 billion loss in 2022.

As of 31 December 2023, the total liabilities of Bank of Ghana and its subsidiaries exceeded its total assets by GH¢65.36 billion also as against GH¢54.52 billion deficit recorded in 2022.

In 2023, total operating income of the Bank and the Group increased by 47.3 per cent to GH¢8.80 billion, the Bank of Ghana‘s 2023 Annual Report and Financial Statement disclosed.

Dr Asiam firther stated that the reset path the BoG and by extension the government is  embarking on is more than mere sloganeering.

“It is about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy is 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. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity,” he said.

“As I take this oath of office,” he added, “I do so with a solemn promise to the people of Ghana.
That is to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana. In this regard, I will carry out my duties, guided by no interests other than the interests of the people of Ghana. And I know I can count on your support, partnership, and trust as we embark on
this journey together for God and for country.”

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