President John Dramani Mahama has reaffirmed his commitment to ensuring the Bank of Ghana remains independent and free from political interference.
In a speech at the swearing-in ceremony of the new Governor and Deputy Governor of the Bank of Ghana, President Mahama emphasized the importance of maintaining the Central Bank’s autonomy.
“A dip in confidence indices may signal businesses on the brink, evolving market conditions, or changing household prospects,” he remarked.
However, President Mahama noted that behind these numbers are real human stories and dreams, either nurtured or shattered, requiring not just analytical expertise but also empathy and foresight.
He highlighted that the banking sector cleanup had resulted in the loss of thousands of jobs and disruption to lives, stating, “During the so-called banking sector cleanup exercise, thousands of jobs were lost and lives disrupted because decisions were made with a narrow focus, rather than considering their human impact.”
President Mahama urged the new leadership at the Bank of Ghana to learn from past mistakes, recognizing that policies must not only enforce regulations but also safeguard the futures that depend on them.
“The test of your patriotism in this solemn duty of economic governance lies in learning from these missteps, recognising that policies must not only enforce regulations but also safeguard the futures that depend on them.”
Reflecting on Ghana’s recent banking history, President Mahama warned of the dangers of fiscal irresponsibility, stating, “When governments resort to unsustainable consumption expenditure, financed by excessive and unregulated printing of money, the consequences are severe.”
He cautioned that such actions can lead to spiraling inflation, erosion of incomes, and pushing millions into poverty.
To protect the economy, President Mahama emphasized the importance of responsible fiscal management, strict adherence to legal and regulatory frameworks, and protecting the independence of the Bank of Ghana.
“As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate,” he declared.
He concluded by urging the new leadership at the Bank of Ghana to collaborate closely with key institutions while safeguarding their independence.
“On behalf of the people of Ghana, I extend my heartfelt congratulations to you both,” he said. “I am confident in your expertise, vision, and integrity to discharge your mandate with excellence” he added.