Speaking at the ceremony in Accra, President Mahama highlighted emerging signs of economic recovery, including a noted restoration of investor confidence. He pointed specifically to the performance of the Ghanaian Cedi over the past quarter, which he stated had appreciated by approximately 3.16% in the interbank market and about 5% in the Forex Bureau market.
The President also noted a moderation in the rate of inflation, marking a significant reversal from the high volatility experienced in the preceding year.
Mahama described the economic situation inherited upon taking office as "deeply distressed," characterized by a significant decline in investor confidence, escalating inflation, sharp currency depreciation, and a precarious public debt burden. He acknowledged that the Domestic Debt Exchange Programme (DDEP), implemented as part of broader debt restructuring efforts, had initially placed strain on the domestic financial system, affecting liquidity, confidence, and overall stability.
He attributed the recent positive economic developments to disciplined and coordinated actions undertaken by the institutional leadership of the Bank of Ghana, specifically citing Governor Dr. Johnson Asiama, his deputy, and the management team.
These improvements, Mahama explained, were the result of "careful monetary tightening," measures to enhance foreign exchange liquidity, and improved coordination between fiscal policy (government spending and taxation) and monetary policy (central bank actions).
Expressing confidence in the newly appointed Second Deputy Governor, Matilda Asante Asiedu, President Mahama stated that her expertise would be a valuable asset to the ongoing efforts at the central bank.
He also underscored the importance of the recent staff-level agreement reached with the International Monetary Fund (IMF) regarding the fourth review under Ghana's Extended Credit Facility (ECF) program. This agreement, he noted, reflects growing international confidence in Ghana's reform agenda and the credibility of its economic governance framework. The ECF is a multi-year program providing financial assistance to countries facing serious medium-term balance of payments problems, typically linked to structural weaknesses.
President Mahama further expressed optimism regarding the implementation of Public Financial Management (PFM) systems by the Finance Minister. These measures, which include efforts to increase domestic revenue collection, streamline public expenditure, and restore fiscal discipline, are anticipated to contribute to the President's broader vision of economic recovery, job creation, and improving living standards for Ghanaians.
In her remarks, Second Deputy Governor Matilda Asante Asiedu conveyed gratitude to President Mahama for the appointment, pledging her full commitment to serving the nation at this critical economic juncture. She described the opportunity as a "solemn duty" that she does not take lightly.
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