JM: I Won’t Ask BoGTo Print Money

President John Dramani Mahama has assured the newly sworn-in Governor of the Bank of Ghana that he will not ask him to print money.

This statement is a subtle jab at the previous government, as the then-opposition criticised the government at the time for directing the Central Bank to print more money into the system.

Addressing the new Governor, Dr. Johnson Pandit Kwasi Asiama and his First Deputy, Zakaria Mumuni, on Tuesday, February 25, 2025 after swearing them into office, President Mahama pledged To uphold independence of the Central Bank from political manoeuvring.

He said, “As President, I’m committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate. This is the path to building a resilient economy, one where policies are driven by discipline, foresight and the best interest of the Ghanaian people. One thing for sure is that I’m not going to come and ask you to print more money.”

CONSULTATION

However, he encouraged the new management to work closely with key institutions, including the Ministry of Finance, Parliament and the financial industry, while maintaining the independence its mandate requires.

President Mahama reminded them of the sensitive nature of their work, stating that wrong decisions might affect every business and household in the country.

He urged them to 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, it is a measure of resilience or distress and it has a direct impact on our people,” he opined.

He continued that, “Behind these numbers are real human beings, real human stories, people’s 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 you take.”

The president referred to the recent banking history, remarking that it showed the country the cost of neglecting this truth, disregarding the impacts of wrong choices at the Central Bank.

 

CONSUMPTION

According to the president, when the government resorts to unsustainable consumption, expenditure, and finance by excessive and unregulated printing of money, the consequences can be severe.

He mentioned some of the effects to be spiraling inflation, erosion of incomes, and driving millions into poverty. Such actions, he noted, not only weaken public confidence in financial institutions, but also threaten long-term stability.

President Mahama proffered a remedy, saying that to safeguard the economy from these risks, the government must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana.

The appointments of the governor and deputy are in accordance with Article 183 (4) of the Constitution and in adherence to Section 17 (1) of the Bank of Ghana Act 2002.

As outlined under Article 183 (1.2.3), the Bank of Ghana’s core mandate is to regulate the currency, ensure monetary stability, and promote the sustainable economic development of Ghana.

President Mahama spoke highly of the Governor and the deputy, stating that they both have demonstrable financial and banking experience.

He said the choice is a deliberate affirmation of his government’s unshakeable commitment to professionalism, integrity, and proven competence as the sole criteria for appointment to high office.

Indicating that Ghana’s financial sector is in crisis, President Mahama also said the task ahead demands experienced foresight and decisive leadership.

 

ECONOMIC RESET

In response to the remarks by President Mahama, the Governor, Dr. Johnson Pandit Kwasi Asiama, stated that under the leadership of his boss, the President, Ghana is embarking on an economic reset.

He explained the reset to be about stabilising the macro-economy 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,” he intimated.

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