President John Dramani Mahama has nominated a former Deputy Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama as the new Governor, replacing Dr. Ernest Addison, who is set to retire on March 28, 2025. Dr. Asiama’s appointment marks a return to the central bank, where he previously before his controversial exit in 2017.

The nomination comes as Dr. Addison prepares to proceed on terminal leave starting February 3, 2025, after serving two full terms as the head of Ghana’s central bank.

Dr. Ernest Addison’s tenure as Governor of the BoG began in April 2017 at a time of significant challenges in Ghana’s banking sector. Under his leadership, the central bank embarked on a major financial sector cleanup, leading to the revocation of licenses of insolvent banks, microfinance institutions, and savings and loans companies. The reforms according to some industry analysts strengthened corporate governance and risk management frameworks in Ghana’s financial system.

Despite these, Dr. Addison has faced criticism over rising inflation and exchange rate volatility in his later years occasioned by excessive financing of government expenditure and a GHC 60 billion loss in 2022 on the back of the Domestic Debt Exchange Programme..

With a background in monetary policy and financial stability regulation, Dr. Asiama is expected to bring his expertise in economic research and banking supervision to his new role. He holds a PhD in Economics from the University of Southampton, UK, and has held various leadership positions within the central bank, particularly in the Economic Research and Statistics Department.

Dr. Asiama would as new Governor faces concerns over inflation, currency depreciation, and economic recovery and his leadership will be critical in restoring confidence in the financial sector and steering monetary policies in alignment with the Mahama administration’s broader economic agenda.