President John Dramani Mahama has assured Ghanaians that his administration will uphold strict fiscal responsibility and refrain from pressuring the Bank of Ghana (BoG) to print money for government spending.
Speaking at the swearing-in ceremony of the newly appointed BoG Governor, Dr. Johnson Asiama, and his First Deputy, Dr. Zakari Mumuni, on Tuesday at the Jubilee House, Mahama stressed the dangers of reckless monetary policies, emphasizing the need to protect the independence of the central bank.
In what many perceived as a direct jab at the previous administration, he declared, “One thing for sure… I am not going to ask you to print more money.”
His comments come in the wake of past controversies surrounding excessive money printing under former President Nana Akufo-Addo’s government.
The BoG’s 2022 annual report revealed that the central bank had printed GH¢35 billion in 2021 and GH¢42 billion in 2022 to finance government expenditure.
This sparked criticism from the Minority Caucus in Parliament, who argued that the move violated Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).
Mahama reiterated the importance of adhering to legal and regulatory frameworks, warning against the consequences of fiscal mismanagement.
“When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiraling inflation and income erosion to driving millions into poverty,” he cautioned.
Meanwhile, newly sworn-in Governor Dr. Johnson Asiama reaffirmed his commitment to responsible governance and economic stability.
Outlining his vision for the central bank, he pledged to foster a financial system that is “transparent, predictable, and stable,” ensuring businesses and individuals can operate with confidence.
“This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust,” he asserted.
