During his swearing-in ceremony on February 25, 2025, Dr. Asiama emphasized the need for decisive action to address issues such as high inflation, fiscal deficits, and exchange rate volatility, while also ensuring the resilience of Ghana’s financial sector.

“The challenges we face demand prudent macroeconomic policies to reset the economy,” Dr. Asiama stated. “The Bank of Ghana must remain unwavering in its commitment to maintaining price stability, safeguarding the financial system, and fostering sustainable economic growth.”

At the core of Dr. Asiama’s agenda is a recalibration of monetary policy to enhance transparency and efficiency. He plans to adopt a proactive approach to inflation management, utilizing advanced data analytics and artificial intelligence to better predict and respond to economic trends. Inflation remains a critical concern, with the annual rate ending 2024 at 23.8%, significantly above the IMF program’s target of 22%. Food inflation, driven by drought-induced supply shortages, closed the year at 27.8%, while non-food inflation stood at 20.3%.

To address these challenges, the central bank will discontinue the use of differentiated cash reserve requirements, opting instead for open market operations to manage liquidity. “Our policies will be clear, predictable, and responsive to emerging threats,” Dr. Asiama assured.

Exchange rate stability is another key priority. Dr. Asiama pledged to curb currency speculation and excessive volatility by introducing a new foreign exchange law to replace the outdated 2006 Foreign Exchange Act. Additionally, the Bank of Ghana will deepen its involvement in the Pan African Payment and Settlement System (PAPSS), enabling Ghanaian businesses to conduct cross-border trade using local currencies instead of the US dollar.

“The days of currency speculation and exchange rate instability must come to an end,” Dr. Asiama declared. “We will engineer a well-functioning and stable foreign exchange market to support economic activity.”

To bolster Ghana’s foreign reserves, the central bank will reform its Domestic Gold Purchase Programme and optimize the use of strategic foreign assets. Dr. Asiama also highlighted plans to collaborate with fintech and remittance agencies to harness remittances as a major source of foreign exchange.

On the regulatory front, the new Governor emphasized the need to address legacy issues in the banking sector, including high non-performing loans and weak risk management practices. He pledged to update the Banks and Specialized Deposit-Taking Institutions Act, 2016, to enhance the resolution framework for distressed institutions while maintaining financial stability.

Dr. Asiama also underscored the importance of financial inclusion and innovation, positioning Ghana as a regional hub for financial technology and digital assets. “We will work toward a clear regulatory framework for digital assets, ensuring that new financial innovations are introduced in a safe and structured manner,” he said.

The Governor called for stronger coordination between fiscal and monetary policies while maintaining the central bank’s operational independence. He also vowed to strengthen the Bank of Ghana’s institutional autonomy through amendments to the Bank of Ghana Act, 2002.

Finally, Dr. Asiama committed to reversing the central bank’s negative equity position, which has raised concerns about its financial stability and credibility. He announced plans to implement austere measures to reduce operational costs and achieve cost efficiency.

“The reset path we have embarked on is more than mere sloganeering,” Dr. Asiama concluded. “It is about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy is stable, innovative, and ready for the future.”

With a clear vision and a robust plan, Dr. Asiama’s leadership signals a new chapter for Ghana’s central bank, one focused on stability, innovation, and sustainable growth.