Dr. Johnson Asiama officially assumed office as the new Governor of the Bank of Ghana on February 3, 2025, following a brief handover ceremony with the Central Bank’s management.
His appointment marks the start of a new era for the Bank, as he takes over from Dr. Ernest Addison, who is set to retire on March 28, 2025, after taking his terminal leave.
The transition comes after President John Mahama nominated Dr. Asiama as the next Governor, with approval from the Council of State.
Dr. Asiama’s leadership is expected to focus on stabilizing the Ghana cedi, which has seen a notable depreciation in early 2025.
In January, the cedi depreciated by 2.5% against the US dollar, compared to a 1.3% drop in the same period in 2024.
Experts believe that Dr. Asiama’s experience in banking supervision and financial stability will be key in addressing this challenge, particularly given the Bank’s significant dollar reserves, which stood at US$8.9 billion as of December 2024.
Another critical issue for the new Governor will be managing treasury bills and interest rates. Many are watching to see how Dr. Asiama collaborates with Finance Minister Dr. Cassiel Ato Forson to reduce the yield on T-bills and tackle the cost of borrowing.
Dr. Asiama may also prioritize the recapitalization of banks, which could include addressing the restoration of licenses for some collapsed banks, a step already mentioned by the current administration.
With a strong academic background and decades of experience in banking and finance, Dr. Asiama is poised to steer the country’s central bank through a period of economic transition.
Holding a PhD in Economics from the University of Southampton, Dr. Asiama has a wealth of expertise in macroeconomic policy and investment consultancy, making him well-equipped to navigate the challenges ahead.
