President John Dramani Mahama has committed to upholding financial discipline, assuring the newly appointed leaders of the Bank of Ghana (BoG) that his administration will not resort to excessive money printing to fund government expenses.
During the ceremony on Tuesday, February 25, in Accra, where Johnson Asiama was sworn in as the Governor and Zakari Mumuni as the Deputy Governor, Mahama addressed the risks associated with unrestricted central bank financing.
“When government resorts to unsustainable consumption, expenditure, financed by excessive and unregulated printing of money, the consequences can be severe.
“From spiralling inflation, erosion of incomes to driving millions into poverty, such actions not only weaken public confidence in financial institutions but also threaten long-term stability,” he cautioned.
Mahama emphasized his dedication to prudent economic management, promising the central bank officials that his government will not pressure them into adopting unsustainable financial measures.
“One thing for sure, I’m not going to come and ask you to print more money,” he said.
NKONKONSA.com
