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President John Dramani Mahama has reaffirmed his commitment to fiscal discipline, assuring the newly sworn-in Governor and Deputy Governor of the Bank of Ghana (BoG) that his administration will not engage in excessive money printing to finance government expenditure.
Speaking at the swearing-in ceremony of Dr. Johnson Asiama and his deputy, Dr. Zakaria Mumuni, at the Jubilee House, Mahama cautioned against the dangers of unregulated central bank financing, which he noted has had dire consequences on Ghana’s economy in recent years.
“When the government resorts to unsustainable consumption and expenditure financed by excessive and unregulated printing of money, the consequences can be severe. From spiraling inflation and erosion of incomes to pushing millions into poverty, such actions weaken public confidence in financial institutions and threaten long-term stability,” Mahama stated.
He further assured, “One thing for sure, I’m not going to come and ask you to print more money.”
Mahama’s remarks come amid ongoing concerns about Ghana’s economic management, particularly regarding the BoG’s role in financing budget deficits. In recent years, excessive money printing has been linked to rising inflation, currency depreciation, and a decline in citizens’ purchasing power.
Meanwhile, renowned economist Prof. Godfred Bokpin has also attributed Ghana’s rising inflation to excessive money printing by the Central Bank and the government’s failure to invest in productive sectors. Speaking on The Big Issue on Channel One TV on Saturday, February 22, 2025, Prof. Bokpin warned that injecting excess liquidity into the economy without addressing structural issues could stifle private sector growth despite ongoing monetary tightening measures.
