Vice President Prof. Jane Naana Opoku-Agyemang has officially inducted the new board members of the Bank of Ghana (BoG) into their roles with the responsibility of formulating policies for the achievement of the Bank’s objectives.

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The ceremony took place on Thursday, March 13, at the bank’s headquarters in Accra.

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Speaking to the board, she praised them for their strong backgrounds and experience in both government and business. She also highlighted the important role they will play in helping to fix the country’s economic problems.

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“Your diverse backgrounds as public sector and private sector operators have equipped you with the required attitude and perspectives to offer the dynamic and inspirational leadership the Bank of Ghana requires at this critical period,” she stated.

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She emphasized the Bank of Ghana's key role in rebuilding public confidence and keeping the economy stable, stressing that the government's economic plans rely heavily on the bank's performance.

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“The President’s social contract with the people of Ghana to reset, rebuild, and restore public trust and macroeconomic stability through responsive financial sector governance and sound economic policies rests on your shoulders as the Board, alongside the Cabinet, the Finance Minister, and other key stakeholders,” she added.

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Prof. Opoku-Agyemang applauded the government for including more women on the board, with five female members making up over 40%—a move that matches global standards.

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She encouraged the board to update its policies to fit modern practices and support the government's economic goals, expressing confidence in their ability to lead effectively.

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President John Mahama, in consultation with the Council of State, appointed the board, with Dr. Johnson Asiama as its chairman. Bolgatanga Central MP, Isaac Adongo, is among the members.

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Reacting to this, Dr. Asiama emphasized that this moment presents a great opportunity to strengthen financial stability, implement effective monetary policies, and build a more resilient economy.

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Ghana has been experiencing its highest inflation rates in over 40 years, with inflation reaching 54% in 2024. This has significantly eroded the purchasing power of citizens and increased the cost of living.

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The Ghanaian cedi has depreciated drastically against the US dollar, falling from four cedis to over sixteen cedis per dollar within the last eight years. This depreciation has led to increased costs for imports, further driving inflation.

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The cost of living has surged, with prices of essential goods and services skyrocketing. This has placed immense pressure on households, particularly those with fixed or low incomes. Unemployment rates have risen, particularly among the youth, contributing to social unrest and economic instability.

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Over the past decade, Ghana has engaged in excessive borrowing to finance infrastructure projects and other government expenditures.

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This has led to a high debt-to-GDP ratio. The COVID-19 pandemic significantly impacted Ghana's economy, leading to increased government spending and reduced revenues.

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Corruption and mismanagement of public funds have also contributed to the high debt levels. Global economic conditions, including fluctuating commodity prices and rising interest rates, have also played a role in Ghana's debt accumulation.

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The previous Bank of Ghana (BoG) board, chaired by Governor Dr. Ernest Addison under President Akufo-Addo’s administration, faced major financial difficulties. The board included Dr. Maxwell Opoku-Afari (First Deputy Governor), Mrs. Elsie Addo Awadzi (Second Deputy Governor), and Mr. Charles Kofi Adu Boahen (Minister of State at the Ministry of Finance), among others.

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One of their biggest challenges was the central bank’s massive financial decline, which resulted in a loss of GH¢60 billion.

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This was largely attributed to mismanagement, government interference, reckless borrowing, and unauthorized money printing. These actions weakened public confidence in the BoG and raised concerns about its financial integrity.

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The board was also criticized for enabling excessive government spending, which worsened economic hardship and poverty.

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The central bank’s role in financing government expenditures contributed to the cedi’s depreciation and a surge in inflation, making life more difficult for many Ghanaians.

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With these challenges in mind, expectations are high for the newly inducted Bank of Ghana (BoG) board to restore financial stability and rebuild public trust.

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Under the leadership of Dr. Johnson Asiama, the new board is expected to implement sound monetary policies, strengthen regulatory oversight, and ensure that the central bank operates independently of political influence.

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Ghanaians are looking forward to bold reforms that will address past financial mismanagement, curb inflation, and stabilize the cedi.

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The board’s diverse expertise, coupled with the government's commitment to gender inclusion and global best practices, provides hope for a stronger and more resilient financial system.

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As they take on their new roles, the nation anticipates a fresh approach that prioritizes economic recovery, responsible fiscal management, and policies that ultimately improve the lives of ordinary citizens.

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