BoG board inaugurated with focus on economic reset

Vice President Naana Jane Opoku-Agyemang inaugurated the new Board of Directors of the Bank of Ghana on Thursday, emphasising the critical role they will play in the government’s economic reset agenda amid significant challenges facing the nation’s economy.

The ceremony, held at the Bank Square in Accra, marked a pivotal moment for Ghana’s central bank as it seeks to restore public trust and enhance macroeconomic stability following a period of economic turbulence.

Addressing the newly appointed board members, the Vice President underscored the importance of their role in fulfilling the government’s economic promises to Ghanaians.

“The success or otherwise of this Government depends to a large extent, on the performance of the Central Bank, which you are about to lead,” the Vice President told the board members during the swearing-in ceremony.

The new board, composed of professionals from both public and private sectors, has been tasked with providing innovative leadership at a critical juncture when the central bank faces significant challenges in rebuilding public confidence.

In his welcome address, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama acknowledged the economic hurdles the country faces, including macroeconomic instability, inflation, currency volatility, and fiscal constraints.

“We stand at a time of significant economic challenges—macroeconomic instability, rising inflationary pressures, currency volatility, and fiscal constraints—all of which demand urgent and strategic action,” he said.

The Governor added that the board’s mission is clear: “We must restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance.”

The Vice President noted that the board’s composition reflects the government’s commitment to gender parity and inclusion, with five women appointed to the board representing over 40 percent female representation.

“This composition makes this Board appropriately diverse, inclusive and consistent with leading global practice and standards on board diversity and inclusion,” she remarked.

The new board members, selected for their expertise and diverse backgrounds, have been urged to examine existing policies to ensure alignment with contemporary practices and the government’s social contract with Ghanaians.

The inauguration comes as the government seeks to implement its “reset, rebuild and restore” agenda, focusing on responsive financial sector governance and sound economic policies.

The Vice President expressed confidence in the board’s ability to provide the necessary governance structures and financial sector leadership.

“I have no doubt that with the right board dynamics and support from the Government and all other stakeholders, you will live up to all expectations,” she said, adding that their work would be crucial in propelling “the economic reset, rebuild and consolidation agenda of our Government.”

The Bank of Ghana, as the country’s central bank, plays a pivotal role in formulating and implementing monetary policy, regulating the financial sector, and ensuring overall economic stability.

The newly sworn-in board faces the immediate challenge of navigating Ghana’s economic recovery amid global uncertainties and domestic constraints, with their decisions expected to significantly impact businesses, households, and the broader economy.??

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