Dr. Johnson Asiama, the newly sworn-in Governor of the Bank of Ghana (BoG), has set his sights on a crucial mission: reversing the Bank’s negative equity position.
This ambitious goal is designed to bolster financial stability, credibility, and public trust, which are essential for a thriving economy.
During his swearing-in ceremony, conducted by President John Dramani Mahama on February 25, Dr. Asiama underscored the urgency of this task.
He outlined a comprehensive strategy to achieve financial health, including a thorough review of the Bank’s non-core operations to identify areas where savings can be made.
Again, Dr. Asiama announced plans to implement severe measures aimed at reducing operational costs and enhancing cost efficiency.
“we will craft very clear policies to return the Bank’s negative equity to positive equity in the medium term”.
The Bank of Ghana’s financial situation presents a significant challenge. In 2023, it reported a loss of GH¢10.50 billion, although this marked an improvement from the GH¢60.86 billion loss recorded in 2022. As of December 31, 2023, the Bank’s liabilities exceeded its assets by GH¢65.36 billion, up from a deficit of GH¢54.52 billion the previous year. Despite these challenges, the Bank saw a notable increase in total operating income, which rose by 47.3% to GH¢8.80 billion in 2023.
Dr. Asiama’s vision extends beyond mere financial recovery. He emphasized the importance of restoring public trust and rebuilding confidence in Ghana’s economy.
“It is about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy is stable, innovative and ready for the future. Through responsible financial sector governance, digital transformation, and sound economic policies, we will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity,” he said.
Dr. Asiama made a solemn promise to serve with diligence, impartiality, and unwavering commitment to the Bank’s mandate. He pledged to prioritize the interests of the people of Ghana, calling for support and partnership as he embarks on this transformative journey.
“As I take this oath of office, I do so with a solemn promise to the people of Ghana. That is to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana. In this regard, I will carry out my duties, guided by no interests other than the interests of the people of Ghana. And I know I can count on your support, partnership, and trust as we embark on this journey together for God and for country.”
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