President John Mahama has urged the newly appointed Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, to prioritize fiscal discipline and responsible economic management to prevent inflation and income erosion.

Speaking during the swearing-in ceremony at the Jubilee House, where Dr. Asiama and his First Deputy, Dr. Zakari Mumuni, officially assumed their roles, Mahama underscored the importance of prudent financial governance in safeguarding the country’s economic stability.

"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, erosion of incomes, to driving millions into poverty."

The President emphasized the need for strict adherence to legal and regulatory frameworks while reinforcing the central bank’s independence. "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.

Mahama pledged his commitment to ensuring that the BoG would function without political interference, adding that decisions should be driven by sound economic judgment and not political convenience.

"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," he assured.

In a pointed remark that appeared to reference past controversies, Mahama stated, "One thing for sure… I am not going to ask you to print more money."

His comment follows previous concerns over the Bank’s financing of government expenditure during the Akufo-Addo administration. The BoG's 2022 annual report revealed that GH¢35 billion was printed in 2021 and GH¢42 billion in 2022 to support government spending, a move criticized by the then-Minority Caucus in Parliament as a violation of Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).

Newly sworn-in BoG Governor Dr. Johnson Asiama pledged to restore confidence in Ghana’s financial system through stability, transparency, 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 stressed that the Bank’s new direction was more than just a promise—it was a commitment to concrete action aimed at strengthening public trust. "This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust," he noted.

Dr. Asiama also assured Ghanaians of his commitment to fairness and integrity in fulfilling his mandate. "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," he affirmed.

His appointment follows the decision by outgoing Governor Dr. Ernest Addison to proceed on leave ahead of his retirement, scheduled for March 31, 2025.

Dr. Asiama brings a wealth of experience to the position, having previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017.