Johnson Asiamah as BoG Governor: What some industry watchers have been saying

With his extensive experience in both the private and public sectors, many believe his leadership will set a new direction for the central bank, fostering a more resilient financial ecosystem in Ghana, according to a 3Business report.

Key figures in the financial and academic sectors, speaking with Paa Kwesi Asare, shared their thoughts on this significant appointment, praising Dr. Asiamah’s credentials and the potential impact on the country’s monetary policies.

Former Managing Director of Cal Bank, Frank Adu, a highly respected figure in Ghana’s banking industry, expressed confidence that Dr. Asiamah’s tenure would positively influence the country’s economic trajectory.

“Johnson Asiamah is not a stranger to the industry. He is homegrown and, therefore, understands the industry very well. His pragmatic approach to financial stability and innovation will surely play a pivotal role in strengthening the Bank of Ghana,” he stated.

The former Cal Bank MD also described Dr. Asiamah as calm and non-vindictive, believing that banks across the country will be ready to work with him. He further urged the new governor to act in the best interest of both the banks and the economy.

According to the report, Dr. Mark Assibey Yeboah, a prominent economist and former Chairman of the Finance Committee of Parliament, highlighted Dr. Asiamah’s leadership qualities, stating, “Dr. Asiamah brings experience and continuity to the bank. As a product of the institution, he understands its environment and culture very well. More importantly, we are getting a governor who is well-grounded in macroeconomics, a key requirement for the position.”

Dr. Assibey Yeboah also emphasised that Dr. Asiamah’s long tenure at the Bank of Ghana, particularly his work on monetary policy, makes him an experienced and competent leader.

He further noted that Dr. Asiamah alone should not be held solely accountable for the bank’s decisions, as such policies are typically made with the endorsement of other governors.

Investment banker and industry analyst Mawuli Ababio also weighed in, emphasising Dr. Asiamah’s ability to navigate the challenges Ghana’s financial system has faced in recent years.

“I don’t know him personally, but I know of him. Anyone who has been in the system for such a long time is obviously very knowledgeable and understands the workings of the Central Bank,” he explained.

Ababio added that Dr. Asiamah’s appointment would send a positive signal to the markets, describing it as a solid choice.

The report also included an analysis from Prof. Bopkin, a renowned academic at the University of Ghana Business School.

He stated, “From an academic viewpoint, the appointment of Dr. Asiamah is a positive development for the Bank of Ghana. He brings institutional memory and a deep understanding of the intricacies of monetary policy.”

According to Prof. Bopkin, Dr. Asiamah is likely the best candidate to implement the party’s monetary policies and programs.

However, he urged President John Dramani Mahama to support him with a strong economist specializing in monetary policy and another expert with a legal and banking background as First and Second Deputy Governors.

Ghana, like many countries, faces several economic challenges, including inflationary pressures, public debt concerns, and a volatile global market environment.

With his background in economics and extensive experience at the Bank of Ghana, Dr. Asiamah is well-positioned to lead the institution through these uncertain times.