President John Dramani Mahama has told the new Bank of Ghana governor that he will not be asking him and his deputy to be printing more money for the government.
According to the President, due to the route taken by the previous administration, “the lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy.”
During the swearing-in ceremony of the two governors at the Jubilee House Tuesday, February 25, 2025, President Mahama indicated that “one thing is certain: I won’t be asking you to print more money.”
He explained that the reason the previous administration resorted to asking the central bank to be printing more monies to the government was due to the haphazard expenditure without recourse to the consequences.
“When governments resort to unsustainable consumption expenditure, financed by excessive and unregulated printing of money, the consequences are severe— from spiraling inflation, erosion of incomes to driving millions into poverty. Such actions, not only weaken public confidence in financial institutions but also threaten long-term stability,” he stated.
He therefore called for responsible fiscal management and implementation of policies that would protect the independence of the central bank.
Mahama further expressed his commitment as President to allow the bank to operate without political interference.
“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.
“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 interests of the Ghanaian people,” he stated, urging the new leadership to collaborate with requisite institutions to achieve the mandate.
“I encourage you to work closely with key institutions, including the Ministry of Finance, Parliament and the financial industry while maintaining the independence your mandate requires.”
Learn from the missteps of the banking sector cleanup – Mahama charges new BoG governors
