President John Mahama faces a critical task in appointing two new Deputy Governors for the Bank of Ghana (BoG) as soon as possible.

This follows the early retirement of Second Deputy Governor Elsie Addo Awadzi, effective February 28, 2025 despite the 2026 expiration of her tenure.

Her departure comes just days after First Deputy Governor Dr. Maxwell Opoku-Afari proceeded on leave, leaving newly appointed Governor Dr. Johnson Asiamah as the sole top official at the central bank.

The President is expected to appoint replacements in the coming days, pending Council of State approval.

Section of 17 of the Bank of Ghana (Amendment) Act, 2016 (Act 918) mandates the President, in accordance with Article 195 of the Constitution, to appoint two Deputy Governors under terms specified in their letters of appointment.

The deputy governors could be appointed from either within or outside the Bank of Ghana.

However, President Mahama is likely to select a candidate with prior experience at the central bank to deputize Dr. Johnson Asiama, who has already assumed his role ahead of the approval of the Council of State.

It is expected that these approvals will be granted after the Council of State elections on February 11.

The selection of candidates for these key positions is expected to align with the Bank of Ghana’s Fit and Proper Directive.

The Directive outlines criteria such as professional experience, reputation, independence, absence of conflicts of interest, collective suitability and financial integrity.

Like the Governor, the deputy governors serve a four-year term and are eligible for reappointment for an additional four years.

Already, the new Governor Dr. Johnson Asiama has outlined a firm commitment to addressing the country’s ongoing economic challenges, particularly persistent inflation, as part of the central bank’s core mandate.

In his first official meeting with the outgone Deputy Governors, he acknowledged the need for key policy adjustments to respond to the macroeconomic pressures that have weighed heavily on growth.

While specifics on the measures were not revealed, the Governor assured that these would be communicated at the appropriate time.

But there a quick caution from industry players that the Central Bank governor must resist undue government influence, particularly in financing fiscal deficits through excessive money printing—a practice that contributed to economic instability in the past.