The new Bank of Ghana Governor Dr. Johnson Asiama has held a brief ceremony with management of the Central Bank after taking over as Governor today February 3, 2025.

It follows the decision by Dr. Ernest Addison to take his terminal leave, leading to his retirement on March 28, 2025.

Joy Business understands that his meeting is to aid the smooth transition of the change in “Governorship” at the Bank.

Background

President John Mahama last week announced the nomination of Dr Johnson Pandit Kwesi Asiama as the next Governor of BoG, pending approval by the Council of State.

This was after Dr. Addison announced his terminal leave, beginning February 3, 2025, in preparation for his retirement. His tenure will officially end on March 28, 2025, in accordance with the Bank of Ghana Act, 2002 (Act 612), as amended.

Challenges and Focus

For some industry watchers, stabilising the Ghana cedi might be one of one of his major challenges. This is because, the cedi for the first month of 2025 has depreciated by some 2.5% against the US dollar, compared to 1.3% during the same period in 2024. 

Many believe if he sticks to the current programme of market intervention it will help, since the Central Bank has some significant dollar reserves, pegged at US$8.9 billion ending December 2024.

Again, reducing the cost of treasury bills and interest rates will be a major priority. The question is how will he team up with the Finance Minister, Dr. Cassiel Ato Forson to reduce the yield on T-bills.

The new administration had been on record that it will consider restoring licenses of some collapsed banks. One is therefore not sure whether Dr. Johnson Asiama may push ahead to ensure this is done immediately.

Banking and Finance Lecturer at the University of Ghana Business School, Dr. Benjamine Amoah also told Joy Business that Dr. Asiama may push for a  recapitalization of banks.

Profile of Dr. Johnson Asiama

Dr. Asiamah is an economist by profession, bringing a wealth of experience to the role, with a career spanning decade in banking supervision, financial stability, macroeconomic policy, and investment consultancy.

Born on May 5, 1968, he has built a distinguished career in economics, shaped by his academic and professional journey across some of the world’s leading institutions.

Dr. Asiamah’s academic foundation is as solid as his professional track record. He holds a PhD in Economics from the University of Southampton, UK (2001-2005), an MPhil in Economics from the University of Ghana, Legon (1994-1996), and a BA (Hons) in Economics with Statistics from the same institution (1991-1993).

His early education saw him pass through the prestigious St. Peter’s Secondary School in Nkwatia and Bishop Herman Secondary School in Kpando, laying the groundwork for his future in economic leadership.

Dr. Asiamah’s career has been defined by a steady rise through Ghana’s financial sector and beyond. Since February 2018, he has served as the Executive Chairman of Wessex Investment and Consultancy Limited, a role that has expanded his influence in financial advisory and economic policy implementation.