Dr. Johnson Pandit Kwesi Asiama, the newly sworn-in Governor of the Bank of Ghana (BoG), has listed six key priority areas that will guide his term in office, with a particular emphasis on promoting financial inclusion and achieving exchange rate stability.
Dr. Asiama stressed the need for strong leadership and sound macroeconomic policies during his swearing-in ceremony in Accra on Tuesday, February 25.
He observed that the country’s economy is still struggling with high inflation, budget deficits, and growing debt levels.
“The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens,” Dr. Asiama declared.
The BoG under his leadership, according to Dr Asiamah, will “engineer a well-functioning and stable foreign exchange market to support economic activity.”
To achieve this, Dr. Asiama announced plans to enact a new foreign exchange law to replace the existing Foreign Exchange Act 2006 (Act 723 with the intention to implement targeted market operations aimed at eliminating forex leakages and improving the central bank’s reserves management.
Another key focus is leveraging Ghana’s gold reserves and strategic foreign assets to support the cedi, alongside reforms in the Bank’s Domestic Gold Purchase Programme to enhance transparency and efficiency in gold transactions.
The governor also emphasized the significance of increasing financial inclusion as a driver of economic expansion and poverty alleviation.
He expressed confidence that Ghana is in a strong position to become a regional center for digital assets and financial technology, promising to implement a digital strategy to keep up with the changing financial landscape.
“We will continue to support initiatives that expand access to financial services, leveraging fintech and mobile banking solutions to broaden the scope of access, especially in underserved communities,” Dr. Asiama assured.
Dr. Asiama’s six priorities include changing monetary policy to better manage inflation, strengthening the regulatory framework to promote financial intermediation, improving coordination between fiscal and monetary policies while preserving the BoG’s independence, and reversing the central bank’s negative equity position to maintain financial stability.
