By Accra, Ghana – April 28, 2025 – In a move signaling his administration’s focus on economic resilience, President John Dramani Mahama has appointed Matilda Asante-Asiedu as the Second Deputy Governor of the Bank of Ghana.
The announcement, made public on Monday through a statement from the Presidency, underscores Mahama’s intent to bolster the country’s financial leadership as Ghana navigates a challenging economic landscape.
As Mahama, who returned to power in January 2025 for a non-consecutive second term after winning the December 2024 election, pushes forward with his reform agenda, Asante-Asiedu’s appointment is poised to play a pivotal role in addressing the nation’s monetary and financial inclusion challenges.
A Seasoned Leader for a Critical Role
Matilda Asante-Asiedu steps into her new position with an impressive track record in banking and leadership. Prior to this appointment, she served as the Head of Retail Banking at Access Bank Ghana PLC, a role in which she oversaw initiatives that supported the creative arts industry and expanded financial services for small and medium-sized enterprises (SMEs).
Her professional journey is marked by a diverse educational background, including an MA in Journalism from the University of Westminster (1997), which likely honed her skills in communication and public engagement—key assets for a central banker in today’s transparent, media-driven governance environment.
She also earned qualifications as a Chartered Executive Banker in Ghana (2024) and has undertaken advanced programs at prestigious institutions such as the Wharton School at the University of Pennsylvania (2015), Oxford University (2023), and the Chartered Institute of Bankers in Ghana (2020). This blend of financial expertise, governance training, and communication acumen positions her as a well-rounded leader for the Bank of Ghana.
The Bank of Ghana, as the country’s central bank, plays a critical role in managing monetary policy, ensuring financial stability, and promoting economic growth. The Second Deputy Governor, alongside the Governor and First Deputy Governor, is instrumental in shaping policies that influence inflation, currency stability, and access to financial services.
Asante-Asiedu’s appointment comes at a time when the bank is under intense scrutiny to deliver results amid Ghana’s ongoing economic challenges, making her role both high-stakes and high-impact.
Ghana’s Economic Context: A Nation at a Crossroads
Ghana’s economy has faced significant headwinds in recent years, a reality that Mahama inherited upon his return to the presidency. Inflation, a persistent concern, stood at 22.1% in March 2025, according to the Ghana Statistical Service—a slight improvement from earlier peaks but still a heavy burden on households, particularly with food prices driving much of the increase.
The World Bank has highlighted that weak economic growth, limited government spending, and high inflation have worsened living standards, pushing more Ghanaians into poverty and increasing the risk of food insecurity. Growth projections for 2025, as noted in World Bank reports, estimate a moderation to 4.3% due to fiscal adjustments, reduced momentum in the extractives sector, stubborn inflation, and elevated interest rates.
These challenges are compounded by Ghana’s recent history of fiscal strain. The country has been working to restructure its debt, a process that has shown progress with the completion of the Eurobond exchange and the approval of a $370 million tranche from the International Monetary Fund (IMF) in 2025 under the Extended Credit Facility (ECF) arrangement.
The IMF has emphasized that Ghana’s economic program focuses on restoring macroeconomic stability, ensuring debt sustainability, and fostering inclusive growth. However, achieving these goals requires steadfast policy implementation, a task that now falls partly to Asante-Asiedu and her colleagues at the Bank of Ghana.
Mahama’s administration has made economic reform a cornerstone of its agenda. Speaking at the Kwahu Business Forum in Mpraeso on April 19, 2025, the president outlined plans to empower the private sector and reform the financial system to stimulate economic resilience. He emphasized financial inclusion, particularly through collaboration with fintech firms and mobile money operators to extend services to rural communities, stating, “No economy can grow if its people remain excluded from formal financial systems.”
Mahama also highlighted initiatives to support SMEs, including expanded access to low-cost financing through partnerships with institutions like the Ghana Development Bank and the Women Development Bank, alongside tax incentives and infrastructure modernization. These measures aim to reduce operational barriers for businesses and redirect the financial sector toward serving the “real economy” rather than speculative trading.
Asante-Asiedu’s Appointment: A Strategic Fit
Against this backdrop, Asante-Asiedu’s appointment appears to be a strategic alignment with Mahama’s vision. Her experience at Access Bank Ghana, where she led retail banking efforts, gives her a deep understanding of the financial needs of everyday Ghanaians and small businesses—key demographics for achieving inclusive growth.
Her work in supporting the creative arts industry also demonstrates a commitment to innovative sectors that can drive economic diversification, a priority for Ghana as it seeks to reduce reliance on traditional exports like gold, cocoa, and oil.
Moreover, Asante-Asiedu’s academic and professional credentials suggest she is well-equipped to tackle the technical challenges of her new role. Her training at Wharton and Oxford likely provided her with insights into global financial systems and governance, while her certification as a Chartered Executive Banker reflects a deep understanding of Ghana’s banking sector.
Her journalism background could prove particularly valuable in communicating the Bank of Ghana’s policies to the public, a critical task at a time when trust in financial institutions is fragile due to recent economic hardships.
The appointment has been met with positive reactions from the public. On X, users like Collins Ntiful and J Torres congratulated Asante-Asiedu, reflecting a broader sentiment of hope that her leadership will contribute to economic stability.
This optimism is not unfounded: the Bank of Ghana has been making strides in financial inclusion, with initiatives like the National Financial Inclusion and Development Strategy aiming to increase access to banking services. Asante-Asiedu’s retail banking experience could accelerate these efforts, particularly in rural areas where financial exclusion remains a barrier to development.
Challenges and Opportunities Ahead
Despite the optimism, Asante-Asiedu steps into a role fraught with challenges. Inflation control will be a top priority, as high prices continue to erode purchasing power and exacerbate poverty.
The Bank of Ghana will need to balance monetary tightening to curb inflation with measures to stimulate growth, a delicate task given the projected 4.3% growth rate for 2025. Currency stability is another concern, as the Ghanaian cedi has faced volatility in recent years, impacting investor confidence and the cost of imports.
Debt sustainability also looms large. While Ghana has made progress in restructuring its debt, the process is far from complete, and the country must adhere to IMF program conditions to secure further support. Asante-Asiedu will need to work closely with the Ministry of Finance and international partners to ensure that monetary policy aligns with fiscal efforts to restore macroeconomic stability.
On the opportunity side, Mahama’s focus on financial inclusion and private sector empowerment opens the door for innovative policies. Asante-Asiedu could leverage her experience to expand digital banking solutions, building on Ghana’s growing fintech sector to bring more citizens into the formal financial system. Her role could also involve championing green finance initiatives, aligning with global trends toward sustainable development—an area Mahama has emphasized as a potential growth driver for Ghana.
A Broader Implications for Mahama’s Administration
Asante-Asiedu’s appointment is more than a personnel change; it’s a signal of Mahama’s broader economic strategy. By placing a seasoned banker with a track record of supporting underserved sectors in a key position, Mahama is reinforcing his commitment to inclusive growth. However, the success of this appointment will depend on execution.
Critics of Mahama’s previous term (2012–2017) have pointed to a gap between policy announcements and implementation, a concern echoed in recent analyses of his SME support initiatives. Asante-Asiedu’s ability to translate her expertise into tangible outcomes will be closely watched, both by Ghanaians and by international partners like the IMF and World Bank.
Moreover, her appointment reflects a growing trend of appointing women to high-profile economic roles in Ghana, a positive step toward gender equity in leadership. Alongside institutions like the Women Development Bank, which Mahama has championed, Asante-Asiedu’s role could pave the way for greater representation of women in shaping Ghana’s financial future.
Looking Ahead
As Matilda Asante-Asiedu takes on her new role as Second Deputy Governor of the Bank of Ghana, the stakes are high. With inflation, debt, and poverty pressing concerns, her leadership will be crucial in steering Ghana toward economic stability and inclusive growth. Her diverse background—spanning banking, journalism, and global education—equips her to tackle these challenges with a unique perspective, blending technical expertise with a focus on communication and inclusion.
For President Mahama, this appointment is a test of his administration’s ability to deliver on its economic promises. As Ghanaians look to the future, they will be watching closely to see whether Asante-Asiedu’s tenure at the Bank of Ghana can help turn the tide on the country’s economic woes, paving the way for a more prosperous and equitable Ghana.
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