By: Ashiadey Dotse
The newly appointed Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has pledged to introduce clear policies aimed at reversing the Bank’s negative equity.
Speaking during his swearing-in ceremony on Tuesday, February 25, Dr. Asiama emphasized that restoring the Bank’s financial position is crucial for maintaining financial stability, credibility, and public trust.
He noted that his administration will review the Bank’s non-core operations to identify areas where costs can be reduced. “We shall adopt several austere measures to help reduce the Bank’s operational costs and achieve cost efficiency,” he stated.
The Bank of Ghana reported a loss of GH¢10.50 billion for the year 2023, a significant improvement compared to the GH¢60.86 billion loss in 2022. However, its total liabilities exceeded its total assets by GH¢65.36 billion as of December 31, 2023, up from GH¢54.52 billion in 2022.
Despite these challenges, Dr. Asiama expressed confidence in the Bank’s ability to recover. “We will craft very clear policies to return the Bank’s negative equity to positive equity in the medium term,” he assured.
He further highlighted that the Bank’s financial recovery is part of a broader effort to rebuild public confidence in the economy. “This reset is about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy is stable, innovative, and ready for the future,” he said.
Dr. Asiama also pledged to lead with diligence and impartiality. “I take this oath with a solemn promise to serve the people of Ghana with commitment and integrity. I will be guided only by the best interests of the nation,” he affirmed.
The new Governor is expected to implement strong financial sector policies, promote digital transformation, and enhance transparency to stabilize the economy and create opportunities for businesses and individuals.
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