President John Dramani Mahama has emphasised the importance of responsible fiscal management and the independence of the Bank of Ghana (BoG) in safeguarding the nation's economy.
Speaking at the swearing-in ceremony of the Governors of the Bank of Ghana, Mahama assured that his administration would refrain from excessive and unregulated printing of money, highlighting the severe consequences such actions can have on the economy. "When government resorts to unsustainable consumption, expenditure, finance by excessive and unregulated printing of money, the consequences can be severe," Mahama stated.
He pointed to the risks of spiraling inflation, erosion of incomes, and increased poverty, which not only weaken public confidence in financial institutions but also threaten long-term stability.
To mitigate these risks, Mahama called for strict adherence to responsible fiscal management and the legal and regulatory framework.
