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Banking Consultant, Dr. Richmond Atuahene has urged newly appointed Bank of Ghana (BoG) Governor Dr. Johnson Asiama to act swiftly in implementing reforms, warning that the financial sector is under immense pressure.
Speaking on Prime News on ABC News GH, the banking consultant stressed that the new Governor has no time to waste, given the economic challenges at hand.
“He has to work harder than everyone because there are a lot of issues,” Atuahene remarked, emphasizing the need for immediate and decisive action to stabilize the economy.
The BoG has faced intense scrutiny in recent years over issues such as inflation, exchange rate fluctuations, and regulatory inefficiencies.
Asiama, during his swearing-in on February 25, pledged to restore confidence in the financial sector through sound economic policies and strict financial governance.
However, Atuahene warned that without significant improvements in monetary policy and foreign exchange management, the cedi’s depreciation and Balance of Payments deficit could worsen.
“If we don’t get this right, we will not be able to support imports, stabilize the currency, or improve our Balance of Payments,” he cautioned.
Atuahene particularly highlighted the Foreign Exchange Act as an area that requires urgent attention. He argued that Ghana’s financial laws must evolve to keep up with global trends.
“It has played its role, but we need to up it so we can move with global trends,” he noted.
With expectations high for the new BoG leadership, analysts believe that Asiama’s success will depend on his ability to implement tough but necessary reforms in the face of mounting economic challenges.
