In his first major address to industry leaders since assuming office, Bank of Ghana (BoG) newly appointed Governor, Dr. Johnson Asiama laid out a detailed, ambitious roadmap for the country’s financial sector, calling for a renewed partnership between the central bank and commercial banks to “rebuild confidence” and foster inclusive economic recovery.
Speaking at the maiden Post-MPC (Monetary Policy Committee) meeting with Chief Executive Officers of banks in Accra, Dr. Asiama described the engagement as “central to ensuring a mutual understanding of policy direction and alignment in our collective efforts to foster macroeconomic stability and recovery.”
This marked the first such meeting under his governorship, which began in early 2025.
Setting a tone of cooperation and transparency, he acknowledged the challenges Ghana’s banking sector has weathered in recent years, particularly referencing the aftermath of the Domestic Debt Exchange Programme (DDEP) and the sector clean-up that began in 2017.
“The last few years especially, have tested the resilience of our financial system,” Asiama said. “From the banking sector clean-up to the Domestic Debt Exchange Program (DDEP)… these events have had deep operational, financial, and reputational consequences for banks.”
He noted that “many of the fallouts could have been mitigated, had the clean-up been more balanced and consultative.”
In a striking comment, he added, “The DDEP, too, could perhaps have been avoided entirely with earlier coordination and foresight.”
Despite the setbacks, Asiama commended the sector’s endurance. “I want to commend you for the strength, professionalism, and commitment with which you have navigated these storms,” he said.
“We cannot change the past, but we can learn from it,” he added.
