President Mahama made the appeal when he inaugurated a 12-member board of the Bank of Ghana at the Flagstaff House, Kanda.
He also took the opportunity to swear-in Dr Abdul-Nashiru Issahaku as a new Deputy Governor of the Bank.
President Mahama said the Central Bank is endowed with experience in banking and his confidence in the financial entity is even boosted with the appointment of the new Deputy, who had worked in several financial organisations.
He appealed to Dr Issahaku to use his wealth of experience, particularly at the World Bank to support the board and staff to raise the standards of the bank for business to flourish.
Paa Kwesi Amissah-Arthur, the Vice President and former Governor of the bank, who addressed the board earlier, urged the members to work within their jurisdiction by avoiding over spending or over shooting the national budget.
He appealed to the board to work hard to reduce interest rates so that business transactions do not suffer unduly.
Dr Henry Kofi Wampah, Governor of the Bank, is the Executive Chairman of the board.