I Will Not Ask You To Print More Money – President Mahama To BoG

President Mahama further stressed that his administration would work closely with the Bank of Ghana to ensure prudent monetary policies that support long-term economic growth and stability.

He acknowledged the crucial role of the Central Bank in safeguarding the country’s financial system and assured the newly appointed leaders of his full support in maintaining economic discipline.

Mahama also reiterated his commitment to strengthening Ghana’s economic fundamentals, reducing fiscal deficits, and implementing policies that promote job creation and economic resilience.

He urged all stakeholders, including financial institutions and policymakers, to collaborate in fostering a stable and sustainable economy, emphasizing that reckless monetary policies would no longer be an option under his leadership.

Prof. Godfred Bokpin further emphasized the need for Ghana to shift from short-term monetary interventions to long-term economic policies that foster productivity, job creation, and sustainable growth. He urged the government to prioritize industrialization, agriculture, and entrepreneurship as key drivers of economic stability.

Additionally, financial analysts have raised concerns about the country’s debt levels, stressing that reliance on Central Bank financing without adequate revenue generation measures could further weaken investor confidence and exacerbate economic hardships.

Mahama’s stance on fiscal discipline has sparked mixed reactions, with some applauding his commitment to sound economic management, while others remain skeptical, citing past government spending patterns. As Ghana navigates its economic recovery, the role of the Bank of Ghana and government policies will be crucial in determining the country’s financial trajectory.

He further explained that excessive liquidity injection, without corresponding growth in the productive sectors, leads to inflationary pressures, eroding the real value of incomes and savings.

Prof. Bokpin stressed that while monetary policies like interest rate hikes may provide temporary relief, they do not address the root causes of inflation. Instead, he urged policymakers to focus on structural reforms, fiscal discipline, and investment in key sectors such as agriculture and manufacturing to drive sustainable economic growth.

He also called for greater transparency and accountability in the management of public funds, warning that without responsible economic policies, Ghana risks prolonged financial instability and worsening living conditions for its citizens.