Dr. Johnson Asiama interacting with Asantehene Otumfuo Osei Tutu II
The Asantehene, Otumfuo Osei Tutu II, has called on political parties to refrain from interfering in the operations of the Bank of Ghana (BoG) given its role in safeguarding the country’s financial stability.
Otumfuo Osei Tutu II who made the call during a courtesy visit to the Governor of the Bank of Ghana, Dr. Johnson Asiama, at the Bank’s Square in Accra, said insulating the BoG from political strings will enable the Central Bank achieve its mandate.
“This is a unique institution with a mandate that ultimately affects every citizen of the land. Ideally, this citadel should be a fortress insulated from the strings and arrows of the political warfare. Whatever it is, we should think twice before we do anything that has the capacity to cast a snare on the integrity of the bank,” the Otumfuo said.
“I will appeal to the nation and both sides of the political divide to give the Governor, my son and his team a chance, give them the space and respect to perform their professional duties. Support them along the right path and offer counsel necessary for the good of the Bank. This is our bank, we have entrusted to them, if they fail, we risk collapse, if they succeed, we walk in wealth and in glory,” the Asantehene noted.
The visit was intended to offer Otumfuo Osei Tutu II a firsthand understanding of BoG’s role in stabilising the economy, ensuring price stability, and protecting the country’s financial system.
While commending the management of the Central Bank for various policies that has helped transformed the economy, the Asantehene also encouraged the Bank of Ghana to continue to communicate in a language that resonates with the public while explaining policies in simple terms that all Ghanaians would understand.
“It is a fact of history that when the currency is healthy, the economy bristles with opportunities, the people are able to use the opportunities to create business the business allows the people to create jobs and ultimately walk in wealth, when the Cedi wobbles even the Tsunami can be less destructive,” the Asantehene noted.
Reflecting on the past year, Otumfuo Osei Tutu II stated that though the cedi has shown signs of stabilisation after a challenging period, it should be recognised as an early sign of progress that need not to be celebrated before the full scope of the harvest while acknowledging and urging the Central Bank to maintain the trajectory.
The Asantehene further asked the leadership of the Bank of Ghana to focus on transitioning the economy from high interest rates to a more favorable environment that promotes business and wealth creation.
“No amount of foreign investment can solve our economic challenges unless we address the crippling high interest rates,” he stated. He called for a massive push to stimulate domestic private investment and industry, which he said cannot thrive under current interest rate levels.
Governor of the Bank of Ghana, Dr. Johnson Asiama for his part assured Ghanaians that the Central Bank is committed to maintaining macroeconomic stability, strengthening monetary discipline, and restoring confidence in the financial sector while acknowledging the challenges facing the country.
By Ebenezer K. Amponsah