The Ghana FinTech and Payments Association has endorsed and congratulated President John Dramani Mahama’s nominee for Governor of the Bank of Ghana—Dr. Johnson Asiama, a seasoned central banker with over two decades of regulatory experience.
Why it matters
Ghana faces significant economic challenges, including a depreciating cedi, rising inflation, and mounting public debt. With his deep expertise in monetary policy, Dr. Asiama is seen as a stabilizing force amid economic uncertainty.
By the numbers
- Inflation stands at 23.5%, the highest in recent years.
- The cedi depreciated by 24.8% against the US dollar in 2024.
- Ghana’s public debt hit GH¢736 billion by year-end, accounting for 75.7% of GDP.
What they’re saying
- “These issues, have created a huge loophole of economic misfortunes and mismanagement that certainly demands innovative thinking, solutions and steadfast leadership.” said Martin Awagah, President of the Ghana FinTech and Payments Association.
- When you look at how the global financial infrastructure is rapidly changing, with swift technological advancements heralding a new dawn of banking and finance, of particular relevance to us are the lack of regulatory clarity in Ghana with these emerging technologies like artificial intelligence (AI), blockchain, machine learning, digital currencies and their significant impact on the economy of Ghana, essentially redefining financial services delivery” he said.
- According to Mr. Awagah, “These global changes obviously are affecting the country directly and so it comes at no surprise to the Association the huge endorsements esteemed public figures and experts have shared on the President’s appointment.”
The big picture
Dr. Asiama’s nomination comes as incumbent Governor Dr. Ernest Addison prepares for retirement. His leadership style combines:
- Strategic foresight: Advocating for policies that stabilize the cedi and mitigate economic shocks.
- Collaboration: Engaging government, financial institutions, and the private sector to foster inclusive decision-making.
- Resilience: Steering through economic turbulence, including currency crises and external debt pressures.
- Transparency: Strengthening trust in monetary policy and financial institutions.
Between the lines
His appointment signals a shift towards digital transformation and financial inclusion, aligning with global trends in banking and payments.
What’s next
Pending Council of State approval, Dr. Asiama’s leadership could redefine Ghana’s economic trajectory, offering a roadmap for recovery and long-term financial stability.
The bottom line
With the right policies and a steady hand, Dr. Asiama could restore confidence in Ghana’s economy, making his appointment a crucial step toward stability and growth.
