The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has committed to restoring the financial strength of the central bank, assuring that the Board of Directors will work diligently to rebuild confidence and uphold the bank’s integrity.
This pledge comes after Finance Minister Dr. Ato Forson revealed in the 2025 Budget presentation that the BoG requires GH₵53 billion in bailout funds to address its negative equity position.
Dr. Forson recommended that the BoG explore internal cost-cutting measures rather than relying on taxpayer funds.
In his statement at the inauguration of the new Board of Directors on March 13, 2025, Dr. Asiama stressed that the bank will implement strategic measures to reduce inflation and strengthen its financial position. He stated, “Our mission is clear: we must restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance.”
The Governor highlighted the board’s composition of esteemed professionals with vast expertise, promising that the board would resolve the bank’s challenges with boldness, integrity, and accountability. He acknowledged the current economic challenges, including macroeconomic instability, rising inflation, currency volatility, and fiscal constraints, and emphasized the urgent need for strategic action.
Dr. Asiama noted that the board’s decisions would have a significant impact on the future of the bank, businesses, households, and the economy at large. “This morning’s inauguration provides us an opportunity to reaffirm our commitment to excellence, transparency, and independence in our monetary and financial policies,” he added.
Vice President Prof. Naana Jane Opoku-Agyemang, who chaired the swearing-in ceremony, urged the Board to align its activities with the government’s economic agenda and restore public trust in the financial sector. She emphasized that the success of the government heavily depends on the performance of the central bank.
“The President’s social contract with the people of Ghana to reset, rebuild, and restore public trust and macro-economic stability rests on your shoulders, in equal measure with the Cabinet, the Minister for Finance, and all other key stakeholders,” she stated.
Prof. Opoku-Agyemang also called for good corporate governance, urging the board to ensure that existing policies align with contemporary standards and the government’s social contract with the people. She concluded, “I urge you to examine the existing policies of the bank to ensure that they are aligned with leading contemporary policies and government’s economic agenda.”