President John Mahama has reaffirmed his commitment to safeguarding the independence of the Bank of Ghana (BoG), assuring that his administration will not interfere with the central bank’s operations.

Speaking at the swearing-in ceremony of Dr. Johnson Asiama as Governor of the BoG and Dr. Zakari Mumuni as First Deputy Governor at the Jubilee House, Mahama stressed the importance of maintaining fiscal discipline and protecting the financial sector from political influence.

He assured Ghanaians that his government would steer clear of political interference in monetary policy.

"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 interest of the Ghanaian people," Mahama said.

He warned of the dangers of reckless monetary practices, highlighting how unregulated money printing could destabilize the economy.

"The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy," Mahama stated.

"When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiralling inflation and erosion of incomes to driving millions into poverty."

Mahama emphasized his administration’s dedication to upholding responsible fiscal management and ensuring that the BoG functions within its legal framework. "To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana," he said.

In what appeared to be a swipe at the previous administration led by former President Nana Akufo-Addo, Mahama remarked, "One thing for sure… I am not going to ask you to print more money."

This follows concerns raised over the BoG’s decision to print GH¢35 billion in 2021 and GH¢42 billion in 2022 to support government spending, as revealed in its 2022 annual report and financial statements. The then-Minority Caucus in Parliament criticized the move, arguing that it violated Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).

At the same event, newly appointed Governor Dr. Johnson Asiama pledged to rebuild trust in the financial system by fostering transparency, stability, and innovation.

"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," Dr. Asiama said.

He further emphasized the Bank’s renewed commitment to restoring confidence in Ghana’s financial landscape. "This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust," he added.

Promising to serve with fairness and integrity, Dr. Asiama declared, "As I take this oath of office, I do so with a solemn promise to the people of Ghana—to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana."

Dr. Asiama’s appointment follows the decision of outgoing Governor Dr. Ernest Addison to proceed on leave ahead of his retirement on March 31, 2025.

With prior experience as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017, Dr. Asiama brings a wealth of expertise to lead the institution into this new chapter.