President John Dramani Mahama has reiterated his commitment to maintaining fiscal discipline, assuring the newly appointed Governor and Deputy Governor of the Bank of Ghana (BoG) that his administration will avoid irresponsible money printing to fund government spending.
Speaking at the swearing-in ceremony of Dr. Johnson Asiama and his deputy, Dr. Zakaria Mumuni, at the Jubilee House, President Mahama highlighted the dangers of excessive and unregulated Central Bank financing, warning that such practices have had disastrous effects on Ghana’s economy in recent years.
“When a government engages in unsustainable consumption and spending, financed by excessive and unregulated money printing, the consequences can be dire. From runaway inflation and the erosion of incomes to pushing millions into poverty, these actions not only undermine public confidence in financial institutions but also jeopardize long-term economic stability,” he cautioned.
“Let me make one thing clear — I will never ask you to print more money,” Mahama stated firmly.
The President’s remarks come amid growing concerns over Ghana’s economic management, particularly regarding the Bank of Ghana’s recent history of financing budget deficits. In the past, excessive money printing has been blamed for rising inflation, currency depreciation, and the declining purchasing power of citizens.
Meanwhile, renowned economist Prof. Godfred Bokpin has also linked Ghana’s surging inflation to the Central Bank’s excessive money printing and the government’s failure to invest in productive sectors of the economy.
Speaking on Ghana’s economic challenges during The Big Issue on Channel One TV on Saturday, February 22, 2025, Prof. Bokpin warned that injecting excess liquidity into the system without addressing structural issues could further stifle private sector growth, even with ongoing monetary tightening measures.
“If you look at Ghana and the injection of excess liquidity, at some point, the Central Bank even denied it. In 2022, if you look at the Domestic Debt Exchange, we were talking about GH¢77.6 billion by way of overdraft lending to the Ghana Government. What do you expect?” he questioned.
According to Prof. Bokpin, Ghana’s high inflation has been fueled mainly by the unchecked printing of money rather than real economic productivity.
