President John Dramani Mahama has reaffirmed his commitment to ensuring the Bank of Ghana maintains its independence, free from political influence.
He made it clear that under no circumstances would he direct the Central Bank to print additional money.
During the swearing-in ceremony for the newly appointed Governor of the Bank of Ghana, alongside the First Deputy Governor, Dr. Johnson Pandit Asiama and Zackariah Mumuni, President Mahama expressed concerns about the Akufo-Addo administration's approach to the banking sector cleanup.
He criticized the reforms, describing them as too narrow in scope and lacking consideration for the human impact of the decisions made.
“A dip in confidence indices may indicate businesses in trouble, evolving market conditions, or shifting household prospects,” he noted. “But behind these numbers are real people whose lives and dreams are affected—some nurtured, others shattered. These decisions require not just technical expertise but also empathy, foresight, and an understanding of the profound human consequences.”
The President highlighted that the banking sector cleanup had led to the loss of thousands of jobs and significant disruption to many lives. “During the so-called cleanup, thousands of jobs were lost and lives upended because decisions were made with a narrow focus, ignoring the human toll.”
He emphasized that the Bank of Ghana had an opportunity to protect jobs and institutions, ensuring stability in the process.
“The true test of your patriotism in this solemn duty lies in learning from these past mistakes,” President Mahama said. “Policies must not only enforce regulations but also protect the futures dependent on them.”
Reflecting on Ghana’s recent banking history, he warned of the dangers of fiscal irresponsibility and its potential long-term damage to the economy.
“When governments engage in unsustainable spending, relying on excessive and unchecked money printing, the consequences can be catastrophic,” he cautioned. “From soaring inflation to widespread poverty, such actions erode public trust in financial institutions and jeopardize long-term stability.”
He stressed that maintaining the economy’s health requires responsible fiscal management, adherence to legal and regulatory frameworks, and safeguarding the independence of the Bank of Ghana.
“As President, I am committed to ensuring that the Central Bank operates free from political interference and adheres strictly to its mandate,” he affirmed. “This is the way to build a resilient economy, where policies are guided by discipline, foresight, and the best interests of the Ghanaian people.”
Concluding his remarks, he urged the new leadership at the Bank of Ghana to work closely with key institutions, including the Ministry of Finance, Parliament, and the broader financial sector, while protecting the independence necessary for their mandate.
“On behalf of the people of Ghana, I extend my sincere congratulations to you both,” President Mahama said. “I have full confidence in your expertise, vision, and integrity to carry out your responsibilities with excellence.”
Meanwhile: Erythrosine, also known as Red Dye No. 3, is a colourant commonly used in various foods such as toffees, candies, and drinks. On product labels, it may be listed simply as "Number 3."
The Ghana Food and Drugs Authority (FDA) has prohibited the use of erythrosine in the production of tomato paste due to its potential to cause various health issues. In addition, starch is also banned from being included in tomato paste formulations.
However, a study conducted by the Kwame Nkrumah University of Science and Technology (KNUST) on tomato paste sold in Ghana has revealed traces of both starch and erythrosine in certain samples.
Tomato concentrate, which can be either tomato paste or tomato mix, has become a popular and convenient food product in many Ghanaian homes, fast food outlets, and restaurants. It offers an affordable and quick substitute for fresh tomatoes, especially during the off-season. Over time, concerns have emerged regarding the safety of the tomato concentrate brands available on the Ghanaian market.
The study, which was conducted in Kumasi and Accra, aimed to evaluate the quality of tomato concentrates available for sale. Eight different brands, all adhering to standard labelling regulations, were selected for the study.
The researchers found that all samples displayed the typical red to dark red colour, paste-like texture, and characteristic tomato flavour, meeting the basic physical standards for tomato concentrate.
According to production guidelines, tomato paste should contain at least 24% natural tomato content. However, the study found that some of the sampled brands had natural tomato content that fell outside this recommended range. Read more here......
blogpay
Total Comments: 0