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President John Dramani Mahama has condemned the previous leadership of the Bank of Ghana (BoG) for its handling of the banking sector clean-up, arguing that the approach failed to consider the human impact of the decisions made.
The financial sector reforms, which led to the closure of several banks and financial institutions, were defended by the former government as a necessary step to prevent the collapse of Ghana’s banking system. However, speaking at the swearing-in ceremony of the new Governor and Deputy Governor of the BoG on Tuesday, February 25, Mahama expressed concern over the severe consequences the reforms had on individuals and families.
“During the supposed banking sector clean-up exercise, the Bank of Ghana had the opportunity to salvage some institutions to protect livelihoods while ensuring stability, but instead, an approach that ignored human consequences prevailed,” Mahama stated.
He emphasized the widespread hardship caused by the reforms, adding, “Thousands of jobs were lost and lives disrupted because decisions were made with a narrow focus rather than considerations of the human impact.”
The President urged the new BoG leadership to go beyond technical expertise and adopt a more human-centered approach when making financial decisions.
“Mr. Governor and Deputy Governor, in discharging your mandate, you must go beyond mere technical considerations and act in full recognition that every statistic, every movement on a chart, and every shift in an index is more than just data.
“It is the pulse of an economy, a measure of resilience or distress. Behind numbers are real human stories, dreams either nurtured or shattered, demanding not just your highly extolled analytical expertise, but empathy and foresight that acknowledge the profound human consequences of every decision,” he added.
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