BoG Governor Vows to Restore Financial Strength Amid Economic Challenges

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has reaffirmed his commitment to restoring the financial stability of the central bank, assuring that the newly inaugurated Board of Directors will work diligently to rebuild confidence and maintain the institution’s integrity.

His pledge follows Finance Minister Dr. Ato Forson’s disclosure during the 2025 Budget presentation that the BoG requires GH₵53 billion in bailout funds to address its negative equity position. Dr. Forson advised the central bank to implement internal cost-cutting measures rather than depend on taxpayer support.

Speaking at the swearing-in ceremony of the new Board of Directors on March 13, 2025, Dr. Asiama outlined strategic measures aimed at reducing inflation and strengthening the bank’s financial position. “Our mission is clear: we must restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance,” he stated.

He emphasized the critical role of the board, composed of experienced professionals, in tackling the bank’s financial challenges with integrity, accountability, and bold decision-making. Acknowledging prevailing economic difficulties—such as macroeconomic instability, rising inflation, currency fluctuations, and fiscal pressures—Dr. Asiama stressed the urgency of taking decisive action.

He further highlighted that the board’s policies and decisions would have far-reaching implications for businesses, households, and the broader economy. “Today’s inauguration is an opportunity for us to reaffirm our dedication to excellence, transparency, and independence in shaping the country’s monetary and financial policies,” he noted.

Chairing the event, Vice President Prof. Naana Jane Opoku-Agyemang urged the board to align its strategies with the government’s broader economic agenda and play a crucial role in restoring public trust in the financial sector. She underscored the central bank’s significance in fulfilling the government’s commitment to economic recovery.

“The President’s pledge to reset, rebuild, and restore public trust and macroeconomic stability is equally your responsibility, along with the Cabinet, the Finance Minister, and other key stakeholders,” she remarked.

Prof. Opoku-Agyemang further called for adherence to good corporate governance, stressing the importance of aligning BoG’s policies with contemporary financial and economic standards. “I encourage you to assess existing policies to ensure they reflect global best practices and support the government’s economic objectives,” she concluded.