They say indeed fate can twist unexpectedly. The story of Dr. Johnson Asiamah is the latest evidence for this saying. Just a few weeks ago, Dr. Asiamah was standing in the dock, facing the weight of the law over alleged involvement in the circumstances leading to the collapse of UniBank and UTBank in 2017.
Today, he is on the verge of becoming the next Governor of the Bank of Ghana (BoG). In a breathtaking twist of fate, the man who has been standing trial for years is about to call the shots in Ghana’s financial sector.
Why the Sudden Development?
The nomination of Dr. Johnson Asiamah comes on the heels of the receipt and acceptance of the formal request by the current Governor, Dr. Ernest Yedu Addison to proceed on his terminal leave. The current governor is set to retire on March 28, 2025. Ahead of his impending retirement, the governor has decided to take his accumulated leave beginning February 3, 2025.
Parts of a public statement released by the Bank of Ghana read, “Dr. Ernest Addison has decided to take his accumulated leave, effective February 3, 2025, ahead of his retirement from the Bank on March 28, 2025. This has received the approval of H.E. President Mahama.”
The Educational Background of Dr. Johnson Asiamah
Born on May 5, 2025, Dr. Asiamah had his undergraduate and graduate (MPhil) education in Economics from the University of Ghana. He then proceeded to the University of Southampton for his PhD studies also in Economics.
His area of specialization where he has published extensively in journals includes monetary economics and economic growth. He has research interests in the areas of monetary policy modeling, economic stabilization, and long-term growth in developing countries. In the area of banking, he is very keen on risk management in banks.
Banking Journey
Dr. Asiamah the records show isn’t new to the Bank of Ghana. He joined the Central Bank in 1996. He has worked in various departments such as Banking Supervision, the Financial Markets Department, Research Department, and the Governors Department.
He rose through the ranks to become the Assistant Director at the Economics Department of BoG. The economist and monetary policy specialist was then appointed as the Second Deputy Governor of the bank in 2016 under the erstwhile Mahama administration.
From 2010 to 2013, he served as the Director of the Macroeconomic Management Department at the West African Institute for Financial and Economic Management (WAIFEM) in Lagos, Nigeria. In this role, he designed and oversaw capacity-building programs for central bank staff, Ministries of Finance, and other public sector institutions across the West African sub-region.
The UniBank/UTBank Brouhaha and The Trial
Dr. Johnson Asiamah was entangled in a legal tussle, together with Dr. Kwabena Duffour and P. K. Amoabeng following the collapse of UniBank and UTBank in 2017. The state had enough reasons to prosecute him for alleged dishonest spending of funds of customers and investors.
It is said that under the watch of Dr. Asiamah, GH¢450 was allegedly transferred to UniBank without following the laid down procedures.
Dr. Asiamah was charged with two counts of breach of Section 46(h) of the Bank of Ghana Act, 2002 (Act 612) and Section 46A of the Bank of Ghana (Amendment) Act, 2016 (Act 918) (ii) causing financial loss to the state. He pleaded not guilty to all two counts.
In the case of UTBank, the BoG Governor nominee was also accused of allegedly causing financial loss to the state for approving GH¢413.09 million liquidity support for UT Bank without due process. These charges and trial have dragged on for years until the new Attorney-General, Dr. Dominic Ayine few days ago filed to discontinue the case.
The Task Ahead
The Bank of Ghana for the past few years has come under serious criticism for its failure to effectively deliver its core mandate to maintain price stability and ensure a sound monetary and financial system to support sustainable economic growth. It regulates and supervises financial institutions, manages currency issuance, and implements monetary policy to stabilize inflation and promote economic stability.
Many economists have questioned the effectiveness of the bank’s inflation-targeting regime as inflation continues to soar bringing hardships to businesses and individuals. More so, the free fall of the local currency is a major challenge for the Bank of Ghana.
With these and many other challenges, it is anticipated that Dr. Johnson Asiamah who is returning to the apex bank after legal tussles, will bring his expertise to bear to address these challenges.
The Experts Advice
With the task ahead, financial analyst and banking consultant with close to 4 decades of experience, Dr. Richmond Atuahene has simple advice for the incoming BoG Governor. Dr. Atuahene tells The High Street Journal that it will be very welcoming for Dr. Asiamah, when he assumes office, surrounds himself with technical people who will help him navigate these challenges. He also advises that the new governor must possess a listening ear to listen to divergent views to enhance his work.
It is a story about the unpredictability of life. From fighting crime to the road to becoming the next powerful person in the country’s financial sector within a few days.
It is anticipated that the return of Dr. Johnson Asiamah will be the link that will help the country navigate its financial and banking challenges and come out successfully to bring relief to businesses, individuals, and banks.
