Mahama Pledges Fiscal Discipline, Rules Out Reckless Money Printing
President John Dramani Mahama has reaffirmed his commitment to fiscal responsibility, assuring the newly appointed Governor and Deputy Governor of the Bank of Ghana (BoG) that his administration will not engage in reckless money printing to fund government spending.
Speaking at the swearing-in ceremony of Dr. Johnson Asiama and his deputy, Dr. Zakaria Mumuni, at the Jubilee House, President Mahama cautioned against the dangers of excessive and unregulated central bank financing, citing its devastating impact on Ghana’s economy in recent years.
“When government resorts to unsustainable consumption and finances expenditure through excessive and unregulated money printing, the consequences can be severe. From spiraling inflation and the erosion of incomes to driving millions into poverty, such actions weaken public confidence in financial institutions and threaten long-term stability,” Mahama warned.
Rejecting Inflationary Policies
Mahama firmly stated, “One thing for sure, I’m not going to come and ask you to print more money,” underscoring his administration’s commitment to sound monetary policies.
His remarks follow concerns about Ghana’s economic management, particularly criticisms of the Bank of Ghana’s past financing of budget deficits. Economists have linked excessive money printing to inflationary pressures, currency depreciation, and reduced purchasing power for citizens.
Economic Experts Weigh In
Renowned economist Prof. Godfred Bokpin has attributed Ghana’s rising inflation to excessive money printing by the central bank, arguing that a failure to invest in productive sectors has worsened economic conditions.
Speaking on The Big Issue on Channel One TV on Saturday, February 22, 2025, Prof. Bokpin pointed to excessive liquidity injections as a primary inflation trigger, warning that monetary tightening alone will not resolve Ghana’s structural economic issues.
“If you look at Ghana and the injection of excess liquidity, at some point, the Central Bank even denied it. In 2022, during the Domestic Debt Exchange, we were talking about GH¢77.6 billion in overdraft lending to the Ghana Government. What do you expect?” he questioned.
According to Prof. Bokpin, Ghana’s high inflation has been fueled more by unchecked money printing than by real economic productivity, reinforcing calls for fiscal discipline and investment in growth-driving sectors.
Please download our HOTDIGITAL ONLINE APP and follow HotDigital Online on our social media platforms to stay updated on our upcoming initiatives.
#HotDigitalHealthAwareness #CommunityHealth #GhanaNursesAssociationUK #HealthMatters #HotDigitalOnline #StrongerTogether
