'I won’t ask Bank of Ghana to print more money' – Pres. Mahama jabs Akufo-Addo

President John Dramani Mahama has seemingly taken another swipe at former President Akufo-Addo, asserting that his administration will not encourage the Bank of Ghana (BoG) to print more money.

According to him, his government is committed to allowing the Central Bank to operate independently, free from political interference, as part of efforts to revive the ailing economy.

He made these remarks at the swearing-in ceremony of the newly appointed Governor of the Bank of Ghana, Dr Johnson Asiamah, and First Deputy Governor, Dr Zakari Mumuni, on Tuesday, 25th February.

In his speech, President Mahama criticised the decisions made by the Central Bank, led by Dr Ernest Addison, under the previous administration, making specific reference to the controversial banking sector cleanup.

He accused the bank of acting against the best interests of Ghanaians, stating:

During the supposed banking sector cleanup exercise, jobs were lost and lives were disrupted because decisions were made with a narrow focus rather than considering the human impact of those decisions.

The Bank of Ghana had the opportunity to salvage some of these institutions to protect people's livelihoods while ensuring stability. But instead, an approach that ignored human consequences was taken.

A Call for Fiscal Discipline

President Mahama further urged the new administration to learn from past mistakes, stressing that irresponsible fiscal policies undermine public confidence.

The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy. When a government resorts to unsustainable consumption expenditure, financed by excessive and unregulated printing of money, the consequences can be severe.

Reaffirming his commitment to responsible governance, he pledged:

As President, I am 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 interests of the Ghanaian people. One thing is for sure: I will not come and ask you to print more money.

He concluded by urging the newly sworn-in governors to work diligently with the Ministry of Finance, Parliament, and the financial industry to promote stability and sustainable economic growth.

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