BOG

Matilda Asante-Asiedu appointed BoG Deputy Governor

The Group Head of Retail Banking at Access Bank (Ghana) PLC, Matilda Asante-Asiedu, has been appointed as the second deputy Governor at the Bank of Ghana (BoG) Her appointment is in accordance with Section 17 of the Bank of Ghana Act, 2002 (Act 612) as amended.   The Minister of State in charge of Government Communications and presidential spokesperson, Felix Kwakye Ofosu made this known in a statement issued Monday afternoon [April 28, 2025],   Mrs. Asante-Asiedu is a Chartered Banker and corporate leader who has served as Group Head, Retail Banking at Access Bank Ghana PLC.   She holds an MBA in Marketing from GIMPA Business School (2021), an MA in Journalism Studies from Cardiff University (2005), and diplomas in Journalism (Ghana Institute of Journalism, 1997) and Politics and Public Affairs Reporting (International Institute of Journalism, Berlin, 2000).   She is a Chartered Executive Banker (CIB-Ghana, 2024).   She has undertaken Executive Programmes at Said Business School at Oxford University (2023), Wharton School (2015) and Marquette University’s Les Aspin Centre (2003), among others.   Prior to moving into the banking sector at Access Bank, Matilda Asante-Asiedu worked as a journalist at Joy FM from 1997 to 2009.   She also worked as a consultant/specialist to international organisations. Between May 2010 and June 2015, Matilda Asante-Asiedu worked as Head of Corporate Communications and Brand Management at Access Bank.   With her expertise in Corporate Reputation Management and Stakeholder Engagement she managed the Bank’s reputation and spearheaded community investments.   Before her appointment as Group Head for Retail Banking in July 2017 at Access Bank, Matilda Asante-Asiedu was the Head of Exclusive Banking, where she led the execution and promotion of the Bank’s strategy for women.   She also managed the Bank’s Embassies and NGO’s portfolios as well as Private Banking, all of which form part of her current Portfolio. Attached below is a copy of the statement issued by Felix Kwakye Ofosu, Minister of State in charge of Government Communications President Mahama appoints Second Deputy Governor of the Bank of Ghana President John Dramani Mahama has in accordance with Section 17 of the Bank of Ghana Act, 2002 (Act 612) as amended, appointed Mrs. Matilda Asante-Asiedu as the Second Deputy Governor of the Bank of Ghana. Mrs. Asante-Asiedu is a Chartered Banker and seasoned corporate leader who has served as Group Head, Retail Banking at Access Bank Ghana PLC. Mrs Asante-Asiedu holds an MBA in Marketing from GIMPA Business School (2021), an MA in Journalism Studies from Cardiff University (2005), and diplomas in Journalism (Ghana Institute of Journalism, 1997) and Politics and Public Affairs Reporting (International Institute of Journalism, Berlin, 2000). A Chartered Executive Banker (CIB-Ghana, 2024). She has undertaken Executive Programmes at Said Business School at Oxford University (2023), Wharton School (2015) and Marquette University’s Les Aspin Centre (2003), among others.

President Mahama swears in BoG Governor, First Deputy

President John Dramani Mahama has officially sworn-in Dr. Johnson Pandit Asiama as the new Governor of the Bank of Ghana (BoG) in a ceremony held at the Jubilee House. Dr. Asiama’s appointment comes at a critical time for Ghana’s economy, with ongoing efforts to stabilize inflation, manage foreign exchange volatility, and implement monetary policies aimed at ensuring sustainable economic growth. As Governor, Dr. Asiama will be responsible for steering Ghana’s central bank towards achieving price stability, strengthening financial sector resilience, and fostering economic development in line with the government’s broader fiscal policies. In addition, Dr. Zakari Mumuni has been sworn in as the First Deputy Governor of the Bank of Ghana. He will support Dr. Asiama in formulating and executing monetary policies, overseeing financial regulations, and ensuring the soundness of the banking sector. With extensive backgrounds in macroeconomics, banking regulation, and financial management, both Dr. Asiama and Dr. Mumuni are expected to play pivotal roles in enhancing investor confidence, stabilizing the local currency, and promoting a robust banking environment. https://www.youtube.com/watch?v=EYFOX5AFRZk

President Mahama nominates Dr. Johnson Asiamah as BoG Governor

President John Dramani Mahama has nominated Dr. Johnson Asiamah as the new Governor of the Bank of Ghana, pending approval by the Council of State. The nomination follows a formal request by the current Governor, Dr. Ernest Addison, to proceed on terminal leave ahead of his retirement on March 28, 2025. Dr. Johnson Asiamah nominated BoG Governor Dr. Ernest Addison, who has served as Governor since April 2017, successfully completed two full terms after being reappointed in March 2021. In his place, President John Dramani Mahama has tapped Dr. Johnson Asiamah, a seasoned economist and former Second Deputy Governor of the Bank of Ghana, to lead the apex bank. Dr. Asiamah held the role of Second Deputy Governor between 2016 and 2017 and brings over 23 years of experience at the Central Bank. A holder of a PhD in Economics from the University of Southampton in the UK, Dr. Asiamah is known for his extensive expertise in monetary policy formulation, financial stability regulation, and economic research. “He has a wealth of experience in banking having worked at the Bank of Ghana for over 23 years. “He has over the years demonstrated commitment to implementing sound monetary and exchange rate policy, fostering a stable financial system, as well as promoting accelerated economic growth in Ghana,” the letter issued and signed by the acting Spokesperson to the President, Felix Kwakye Ofosu read.

BREAKING: BoG Governor Dr. Ernest Addison proceeds on terminal leave ahead of retirement

The Governor of the Bank of Ghana, Dr. Ernest Addison, is set to proceed on terminal leave starting February 3, 2025, ahead of his official retirement from the central bank. Dr. Addison, who has served as Governor since April 3, 2017, was reappointed for a second term on March 29, 2021. In accordance with the Bank of Ghana Act, 2002 (Act 612), as amended, his tenure is scheduled to conclude on March 28, 2025, marking the successful completion of two full terms in office. According to a statement from the Bank, Dr. Ernest Addison has decided to utilize his accumulated leave prior to his retirement. The decision, effective February 3, 2025, has been approved by President John Dramani Mahama. The Bank of Ghana expressed gratitude to Dr. Addison for his exceptional service to the institution and the nation. The Central Bank also acknowledged his “meritorious and distinguished service” and extended best wishes for a restful retirement.

Decisive action saved Ghana’s banking sector from collapse in 2017, says BoG Governor

The Governor of the Bank of Ghana (BoG), Dr Ernest Yedu Addison, provided a detailed account of the banking sector crisis that plagued Ghana in 2017.  He recounted the drastic measures taken to salvage the sector and establish a more robust financial ecosystem. A sector on the Brink “When I took office in 2017, the banking sector was in a near state of collapse,” Dr. Addison revealed. “People were queuing to withdraw their money. The International Monetary Fund (IMF) flagged this as the most pressing crisis facing the country at the time.”  The severity of the situation demanded swift and decisive action, he explained, with the immediate priority being to stabilize the sector and restore public confidence. License revocations and clean-up One of the first steps involved the revocation of licenses for two banks, Capital Bank and UT Bank, in August 2017. “This was part of the prior actions to address the sector’s insolvency,” Dr Addison noted. Over the following years, additional weak and insolvent institutions were removed from the system. “By 2019, the sector had been cleaned up,” he said.   “We had removed all the weak institutions and those that remained met the new capital requirement of ¢400 million. These banks had stronger capital, adhered to new corporate governance directives, and were being properly supervised.” Dr. Addison highlighted some of the issues that necessitated these license revocations, including insider trading, related-party transactions, and non-compliance with prudential rules. “These practices undermined the stability of the banking system, but through stricter scrutiny and governance reforms, we have addressed them,” he affirmed. A Stronger Sector, Yet New Challenges Despite the strides made, Dr. Addison acknowledged that the post-cleanup era presented new challenges. “The banks were in a much better place by 2019, with stronger capital to support growth. Interest rates had come down from 28% to around 21%, creating an environment conducive to lending to the private sector,” he explained. However, the onset of the COVID-19 pandemic disrupted this trajectory. “Suddenly, the government became the main borrower in the economy.  The banks, instead of lending to the private sector, channelled their recapitalized resources into acquiring government bonds,” Dr Addison said. Debt Exchange and Its Impact on Banks The government’s rising debt levels and eventual inability to secure further borrowing from capital markets triggered a debt crisis, further complicating matters for banks. “The debt exchange program resulted in significant losses for the banks,” Dr. Addison admitted. Despite these setbacks, he maintained that the reforms initiated during the crisis have left the banking sector in a stronger position to navigate economic challenges. “The decisions we made were difficult, but they were necessary to restore stability and create a banking sector that can withstand shocks,” he stated.  Looking Ahead Dr. Addison stated that the lessons learned from the crisis have informed ongoing reforms to strengthen the financial sector. “Our focus remains on ensuring that banks are well-capitalised, properly managed, and capable of supporting sustainable economic growth,” he concluded.

REVOCATION OF GN SAVINGS AND LOANS LICENSE WAS BASED ON SOUND JUDGMENT – BERNARD OTABIL

The Director of Communications of the Bank of Ghana (BoG) has clarified that the BoG worked closely with GN Bank during its liquidity challenges. According to him, the Central Bank also worked with GN Bank after its request to be reclassified as a Savings and Loans company. He indicated that the revocation of GN Savings and Loans’ license was based on sound judgment to protect the sanctity of the banking sector. “We tried to take our time with the case of GN Bank. When depositors started shouting all over the country because the Savings and Loans company could not meet depositors withdrawals it was time to act,” Mr Otabil said. Adding “Aside from the reported cases in the media, the Financial Stability Department of the Bank of Ghana received complaints of the company’s inability to pay their deposits on demand. To ensure an orderly exit of the company and protect the sanctity of the banking sector, the company’s license had to be withdrawn in accordance with the provisions of the Banks and Specilised Deposit-Taking Institutions, Act 2016 (Act 930)”. Mr Otabil noted that the BoG has provided details on the various infractions that led to the revocation of the license of GN Savings and Loans Company. GN Bank, unable to meet the new minimum regulatory capital requirement of GHS400 million by the end of 31 December 2018 applied to the Bank of Ghana for a reclassification to a Savings and Loans Company, a request which the Bank obliged. However, the license of the Savings and Loans Company was revoked in August 2019 when the Bank of Ghana realised that the company still had liquidity challenges with customer agitations and complaints sent to the Financial Stability Department.

William Ato Essien jailed 15 years for stealing

The Accra High Court has imposed a 15-year jail term on the founder of defunct Capital Bank, William Ato Essien, for stealing over GH₵90 million belonging to the bank. Essien, who was convicted in December last year for stealing over GH₵90 million belonging to Capital Bank, avoided a custodial sentence after the court accepted an agreement between him and the Attorney-General (A-G) for him (Essien) to pay the GH₵90 million as restitution to the state. In a ruling this afternoon, the court, presided over by Justice Eric Kyei Baffour, held that Essien has failed to pay the restitution to the state per the agreed terms with the A-G.

Capital Bank case: Court orders Ato Essien to pay outstanding GH¢12 million by July 27

Convicted William Ato Essien, the founder of the defunct Capital Bank has been given at least up to July 27 to redeem his first installment of GH¢20 million to the State. It has emerged in Court on Tuesday, July 4, that Mr Ato Essien has so far paid GH¢8 million of the GH¢20 million leaving an outstanding balance of GH¢12 million. Essien last year entered into an agreement with the state under section 35 of the Courts Act and was asked to pay GH¢60 million in three installments of GH¢20 million to the state. But, records available since the deadline of the first installment on April 28, he has only paid GH¢8 million as at today July 4. Before Justice Erich Kyei Baffour, a Justice of the Court of Appeal, sitting as an additional High Court judge, his lawyers represented by Baffour Gyau Bonsu Ashia request more time. The Prosecution led by Deputy Attorney General Alfred Tuah Yeboah wondered how much more time he desired to pay despite not meeting the deadline. Justice Kyei Baffour after listening to the parties urged Ato Essien to settle at least the balance of the outstanding GH¢12 million by July 27, 2023. The court said it will apply the sanctions should he fail to do so. “The convict (Ato Essien) has only made GH¢2 million payment since the last adjournment leaving an amount of GH¢12 million that should have been redeemed at least by today (July 4), 2023. “Based on the pleas of his counsel, I once again reluctantly give the convict one more opportunity to make payment. “I will adjourn to July 27, 2023, for the amount of GH¢12 million to be paid by the convict,” Justice Eric Kyei Baffour stated. According to EIB network’s Legal Affairs Correspondent, Murtala Inusah, the court turned a request from his counsel to move a Viva Voce argument to his passport which is in the custody of the court to be released in other for him to embark on a business venture to mobilize funds.

SUIT AGAINST BOG OVER REVOCATION OF TI MICROFINANCE’ LICENSE DISMISSED

The Court of Appeal has dismissed an application challenging the revocation of the operating license of a defunct microfinance company, TI Microfinance Limited, by the Bank of Ghana (BoG). The court in a unanimous decision was of the view that the judicial review application filed before the High Court was wrong in law. The court gave the decision after it upheld an appeal by BoG challenging the decision by the High Court not to grant a preliminary legal objection against the judicial review application. Founder of TI Microfinance Limited, Emmanuel Babuboa, filed an application for certiorari at the High Court urging the court to quash the decision of the BoG to revoke the operating license of the company. According to him, the Central Bank revoked the license of the financial company without any notice in conformity with Section 16 of Act 930.