During his swearing-in ceremony on Tuesday, the newly appointed Governor of the Bank of Ghana, Johnson Pandit Asiama (PhD), unveiled an ambitious reform agenda aimed at transforming Ghana’s financial landscape.
His strategy focuses on modernizing regulatory frameworks and eliminating the Bank’s negative equity, with the ultimate goal of enhancing financial stability and restoring public trust.
“Our banking sector has weathered recent crises, yet we must address legacy challenges with targeted reforms,” he said, underscoring the urgency to realign the institution’s regulatory mandate.
Under his leadership, the Bank is expected to enforce stricter prudential regulations while nurturing an environment that supports responsible lending and financial innovation. Asiama’s plans include a series of measures to combat high levels of non-performing loans and strengthen risk management practices.
“We will work closely with banks to reduce cybersecurity breaches and enhance capital adequacy requirements,” he said. A critical element of his strategy is the proposed update to the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
Addressing fiscal challenges, the Governor detailed his vision for reversing the Bank of Ghana’s negative equity, a move he views as essential for re-establishing both credibility and operational stability.
“My sixth priority is to reverse our negative equity, ensuring that our institution not only maintains financial stability but also earns the trust of the public,” he stated.
To support this goal, Asiama announced a rigorous review of the Bank’s non-core operations aimed at achieving significant cost savings. “We will adopt several austere measures to reduce operational costs and enhance efficiency,” he explained, outlining a roadmap to transition the institution to a positive equity position in the medium term.
Furthermore, the Governor signaled plans to overhaul Ghana’s monetary policy framework. By leveraging advanced data analytics and artificial intelligence, he aims to manage inflation more proactively. “We will pursue clear, predictable, and responsive policies,” he said, noting potential reforms such as discontinuing differentiated cash reserve requirements and enhancing communication with banks.
Highlighting Ghana’s potential as a regional fintech hub, Governor Asiama also promised a comprehensive digital transformation strategy. This initiative seeks to expand access to financial services through mobile banking and fintech collaborations while establishing a robust regulatory framework for digital assets.
