The new Bank of Ghana Governor, Dr. Johnson Asiama, held a brief ceremony with the management of the Central Bank after officially taking over the role on February 3, 2025.
This comes after Dr. Ernest Addison decided to take his terminal leave, leading to his retirement on March 28, 2025.
According to Joy Business, the meeting aimed to facilitate a smooth transition of governance at the Bank.
Background
President John Mahama announced the nomination of Dr. Johnson Pandit Kwesi Asiama as the next Governor of the Bank of Ghana, pending approval by the Council of State.
Dr. Addison’s terminal leave, which began on February 3, 2025, precedes his retirement in March 2025, in accordance with the Bank of Ghana Act, 2002 (Act 612), as amended.
Challenges and Focus
Dr. Asiama’s main challenge is likely to be stabilizing the Ghanaian cedi. The cedi has depreciated by 2.5% against the US dollar in January 2025, compared to a 1.3% depreciation during the same period in 2024.
Some believe that adhering to the current market intervention program could help, as the Central Bank holds significant dollar reserves of US$8.9 billion, ending in December 2024.
Another priority will be reducing the cost of treasury bills and interest rates. There is speculation on how he will collaborate with Finance Minister Dr. Cassiel Ato Forson to reduce the yield on T-bills.
The new administration has also hinted at restoring licenses of some collapsed banks, and it remains to be seen whether Dr. Asiama will push for this immediately.
Banking and Finance Lecturer at the University of Ghana Business School, Dr. Benjamin Amoah, has suggested that Dr. Asiama may pursue the recapitalization of banks.
Profile of Dr. Johnson Asiama
Dr. Asiama is an experienced economist with a strong background in banking supervision, financial stability, macroeconomic policy, and investment consultancy.
Born on May 5, 1968, Dr. Asiama has a distinguished career, underpinned by his academic and professional journey through leading institutions globally.
He holds a PhD in Economics from the University of Southampton, UK (2001-2005), an MPhil in Economics from the University of Ghana, Legon (1994-1996), and a BA (Hons) in Economics with Statistics from the same institution (1991-1993).
Dr. Asiama’s career includes his role as the Executive Chairman of Wessex Investment and Consultancy Limited since February 2018, expanding his influence in financial advisory and economic policy implementation.