President John Mahama has expressed confidence in Dr. Johnson Pandit Kwesi Asiama’s ability to steer Ghana’s economy toward sustained growth.
The President gave the assurance on Tuesday when he formally swore in Dr. Asiama as Governor and Dr. Zakari Mumuni as First Deputy Governor of the Bank of Ghana at the Jubilee House in Accra.
He emphasized that the appointments were not merely routine exercises to satisfy Article 183(4) of the Constitution but a deliberate commitment to upholding the Bank of Ghana’s core mandate under Article 183(1-3)—to regulate currency, ensure monetary stability, and promote sustainable economic development.
“It is in full adherence to Section 17(1) of the Bank of Ghana Act, 2002 (Act 612), that these appointments uphold the legal stipulation that the Governor and Deputy Governors of the Bank of Ghana be individuals of demonstrable financial and banking experience,” President Mahama stated.
He described Dr. Asiama and Dr. Mumuni’s appointments as an affirmation of their professionalism, integrity, and proven competence.
Dr. Asiama, a distinguished economist with a PhD from the University of Southampton, has over two decades of service at the Bank of Ghana. Rising through the ranks from banking supervision and financial markets to leading research and policy implementation, he has played a pivotal role in shaping Ghana’s monetary policy and ensuring financial stability.
“As Deputy Governor, Dr. Asiama was instrumental in controlling inflation, stabilizing the currency, and strengthening regulatory oversight,” President Mahama noted. “His deep expertise in banking supervision, risk management, and digital finance makes him the right leader at this critical time.”
The President underscored the challenges facing Ghana’s financial sector, emphasizing that the task ahead demanded experience, foresight, and decisive leadership.
“With Dr. Asiama heading the Bank of Ghana, I am confident that we will rebuild trust, restore stability, and put our economy on a path of sustained growth,” he said. “I entrust him with this responsibility, knowing he will serve with diligence and excellence.”
Dr. Mumuni’s appointment as First Deputy Governor, President Mahama explained, recognizes his exceptional expertise in banking, financial markets, and economic policy.
With over two decades of experience at the Bank of Ghana, Dr. Mumuni has played a key role in shaping monetary policy and strengthening financial stability. His academic credentials, including a PhD from the University of Nottingham and an MPhil from the University of Ghana, reflect his deep understanding of the complexities of the economy.
“As First Deputy Governor, he will be a key pillar in supporting the Governor to implement sound policies, reinforce regulatory oversight, and navigate the challenges ahead,” President Mahama stated. “His experience and analytical rigor will be crucial in ensuring that the Bank remains steadfast in its mandate to maintain price stability, safeguard the financial sector, and drive sustainable growth.”
He added that Dr. Asiama and Dr. Mumuni bring the leadership, expertise, and vision needed to restore confidence in Ghana’s economy.
“To you, Mr. Governor and Deputy Governor, in discharging your mandate, you must 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, a measure of resilience or distress,” the President said.
He stressed that behind economic indicators were real human stories—dreams either nurtured or shattered—requiring not just technical expertise but empathy and foresight.
“Our recent banking history has shown us the cost of neglecting this truth,” President Mahama remarked. He referenced the banking sector cleanup exercise, which led to thousands of job losses, arguing that some institutions could have been salvaged while ensuring stability.
“The test of your patriotism in this solemn duty of economic governance lies in learning from these missteps—recognizing that policies must not only enforce regulations but also safeguard the futures that depend on them,” he said.
On his part, Dr. Asiama expressed gratitude to the President and the Council of State for the confidence reposed in them.
He pledged to work towards restoring public trust, rebuilding confidence, and ensuring a stable and innovative economy.
“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,” Dr. Asiama assured. “Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”
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