Mahama Criticizes Bank of Ghana’s Reforms for Overlooking Human Impact

President John Dramani Mahama has criticized the previous leadership of the Bank of Ghana for its handling of the banking sector clean-up, arguing that the reforms failed to consider the human consequences of the decisions made during that period.

The controversial clean-up exercise, which resulted in the closure of several financial institutions, was defended by the previous government as a necessary measure to prevent the collapse of Ghana’s banking system.

However, Mahama, speaking at the swearing-in ceremony of the new Bank of Ghana Governor and Deputy Governor on Tuesday, February 25, expressed concern that the approach had devastating effects on individuals and families.

“During the so-called banking sector clean-up, the Bank of Ghana had the opportunity to save some institutions and protect livelihoods while ensuring stability. Instead, a narrow approach that disregarded the human impact took precedence,” Mahama said. “Thousands of jobs were lost, and lives were disrupted because decisions were made without considering the broader consequences on people.”

Mahama urged the new leadership at the Bank of Ghana to go beyond technical expertise and focus on the human side of financial decisions. “Mr. Governor and Deputy Governor, in carrying out your duties, you must recognize that behind every statistic, every shift in a chart, there are real human stories. These numbers represent not just economic measures, but people’s lives, dreams that have been either nurtured or shattered. You must lead with empathy, foresight, and a deep understanding of the human consequences of every decision.”

In his remarks, Mahama called for a more compassionate and thoughtful approach to financial management, one that balances the technical aspects with the human element at its core.