President John Dramani Mahama has reaffirmed his administration’s commitment to fiscal discipline, assuring the newly sworn-in Governor and Deputy Governor of the Bank of Ghana (BoG) that his government will avoid reckless money printing to finance public expenditure.
Speaking at the swearing-in ceremony of Dr. Johnson Asiama and his deputy, Dr. Zakaria Mumuni, at the Jubilee House, President Mahama emphasised the risks of excessive and unregulated central bank financing, which he said has significantly harmed Ghana’s economy in recent years.
“When government resorts to unsustainable consumption and expenditure financed by excessive and unregulated printing of money, the consequences can be severe. From spiralling inflation and erosion of incomes to driving millions into poverty, such actions not only weaken public confidence in financial institutions but also threaten long-term stability,” he cautioned.
In a firm assurance to the newly appointed central bank leaders, Mahama added, “One thing for sure, I’m not going to come and ask you to print more money.”
His comments come amid growing concerns over Ghana’s economic management, especially regarding the BoG’s role in financing budget deficits in previous years. Excessive money printing has been linked to surging inflation, currency depreciation, and the erosion of purchasing power among Ghanaians.
President Mahama’s remarks signal a strong stance on promoting prudent monetary policies and ensuring the BoG operates independently to safeguard the nation’s economic stability.
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