Mahama applauds Bank of Ghana’s recovery; swears in second deputy governor.

President John Mahama has praised the Bank of Ghana (BoG) for its progress in implementing essential reforms to restore stability and professionalism to the nation’s economy. His commendation came after Matilda Asante Asiedu was sworn in as the Second Deputy Governor of the central bank.

President Mahama emphasised the positive signs of recovery, noting a gradual restoration of investor confidence. He highlighted the recent performance of the Ghanaian Cedi, which has appreciated by approximately 3.16% in the interbank market and about 5% in the Forex Bureau market over the last quarter.

The President also noted the moderation of inflation, indicating a significant reversal of the volatility experienced last year.

“The economy we inherited was deeply distressed. Investor confidence had plummeted, inflation was soaring, the Cedi had sharply depreciated, and our debt situation was precarious,” President Mahama stated.

He further explained how the Domestic Debt Exchange Programme (DDEP) had initially strained the financial system, impacting liquidity, confidence, and stability.

He attributed the recent progress to disciplined and coordinated institutional action under Governor Dr. Johnson Asiama, his deputy, and the Bank of Ghana’s management team.

“These gains are not accidental. They are a result of careful monetary tightening, improved foreign exchange liquidity, and better synchronisation of fiscal and monetary policy frameworks,” the President noted.

Expressing confidence in the newly sworn-in Deputy Governor, Matilda Asante Asiedu, President Mahama said her expertise would complement the ongoing efforts at the Bank of Ghana.

He also highlighted the significance of the staff-level agreement with the International Monetary Fund (IMF) during the fourth review of the extended credit facility programme. “This reflects growing international confidence in our reforms and the credibility of our economic governance,” he stated.

President Mahama also expressed optimism about the ongoing implementation of Public Financial Management systems by the finance minister. He anticipates that these measures, including efforts to increase domestic revenue mobilisation, streamline public expenditure, and restore fiscal discipline, will further contribute to his vision of resetting the economy, creating jobs, and improving the lives of Ghanaians.

The second deputy governor, Matilda Asante Asiedu, expressed gratitude to President Mahama for the trust placed in her and pledged her full commitment to his vision.

“To be called to serve at this level, at such a crucial moment in our nation’s economic history, is both an honour and a solemn duty, and I do not take it lightly at all,” she affirmed.