New BoG Board to Tackle Exchange Rate Instability | By Obed Andoh | President John Dramani Mahama has appointed a 12-member governing board for the Bank of Ghana, a strategic move to ensure the country’s achievement of its monetary and fiscal targets.
This decision was made following consultations with the Council of State and in line with the Constitution and the Bank of Ghana Act.
The board members, appointed on Wednesday, 26 February 2025, bring a wealth of experience and expertise necessary for navigating Ghana’s economic landscape. The following individuals will play pivotal roles in steering the Bank towards its objectives:
Dr. Johnson Pandit Kwesi Asiama—Governor (Chairman). Leading the board, he will oversee the implementation of policies that maintain price stability and support sustainable economic growth. These are crucial for stabilizing Ghana’s inflation rate, which, according to the World Bank, has targeted a single-digit figure in the coming years. Dr. Zakari Mumuni – 1st Deputy Governor. He is expected to assist in formulating monetary policies that address inflationary pressures and foster economic resilience. This will help manage Ghana’s fiscal deficit, which has been a significant concern for fiscal sustainability.
Thomas Nyarko Ampem – Representative from the Ministry of Finance, is expected to facilitate collaboration between the Bank and the government, essential for aligning fiscal policies with monetary strategies aimed at achieving a balanced budget. Augustine Fritz Gockel is an economist. He will contribute to economic analyses that guide monetary policy decisions, enabling the Bank to respond effectively to external shocks and enhance Ghana’s overall economic performance.
Nana Akua Ayivora, Accountant/Audit/Risk/Compliance, will play a key role in ensuring sound financial management and compliance with regulatory frameworks. Her work will underpin the integrity of the Bank’s operations, crucial for maintaining investor confidence.
Emma Akua Bulley, Evelyn Naa Checher Kwatia, Beatrice Feehi Annangfio, and Kizzita Mensah – all Lawyers, are expected to provide essential legal oversight, ensuring that all policies and actions meet the required legal standards, thus protecting the interests of the Bank and the broader economy.
Dr. Stephen Senyo Sapati, a Finance/Audit specialist, is expected to focus on auditing processes and financial reporting, guaranteeing transparency and accountability within the institution. This is vital for adhering to international best practices as Ghana seeks to attract foreign investment. Joseph W. Asamoah has expertise in financial technology will be instrumental in modernising banking operations, promoting financial inclusion, and ultimately supporting Ghana’s goal of enhancing access to financial services. The last on the list is Isaac Adongo (MP), an economist that is expected to provide critical insights into macroeconomic trends, assisting the board in making informed decisions that align with the goals set forth by international bodies like the IMF, which emphasises the need for prudent economic management.
Together, this board is expected to actively shape monetary policies and coordinate fiscal strategies that target economic growth, sustainable development, and financial stability, in line with IMF and World Bank recommendations. Their collective expertise and commitment will be essential in navigating the complexities of Ghana’s economic landscape and achieving the ambitious targets set for the nation’s monetary and fiscal health.
Speaking at his swearing-in in Accra on Tuesday, Dr Asiamah gave a hint of where the focus of the new BOG Board would be. “The days of currency speculation and exchange rate instability must come to an end and we are poised to ensure this happens,” he said.
New BoG Board to Tackle Exchange Rate Instability | By Obed Andoh | AviationGhana.com
