Governor of the Bank of Ghana Dr Ernest Addison
The Governor of the Bank of Ghana Dr Ernest Addison has said that, as members of the newly-constituted board of the central bank, they are aware that the Ghanaian economy is on a gradual recovery path from the adverse effects of the COVID-19 pandemic.
However, he said, there are still uncertainties in the domestic economic environment, such as the third wave of the pandemic, which call for prudent policies to firm up the recovery process and protect livelihoods and jobs without stoking inflationary pressures.
This positions the Bank of Ghana right at the centre of the Government’s agenda to boost growth and create jobs while maintaining macroeconomic stability in the post COVID-19 era he said.
He said this at the Jubilee House after the President inaugurated the board of the BoG Chaired by Dr Addison, on Friday August 20.
“Over the past four years, the previous Board and Management of the bank have taken very important decisions that have shaped the development process of this country.
“I recall that immediately after the previous Board was inaugurated in August 2017, we quickly had to dive into action to hold closed door meetings to deliberate on the financial sector clean up exercise of the bank and obtain some board resolutions on actions to be taken to kick off.
“That Board had no “honeymoon”, and I believe this reconstituted Board is also coming in at a time when the covid-19 pandemic has challenged the conduct of monetary policy and the quest for safeguarding financial stability. These challenges notwithstanding, the Bank has implemented prudent monetary policies which has yielded positive results,” Dr Addison told the President.
He added “Despite the Covid-19 shock, inflation has eased to single digits and currently within the medium-term target band; the exchange rate has remained relatively stable, supported by adequate reserve levels that currently stands at about 5 months of import cover.
“In addition, we have also implemented financial sector policies which have revamped the banking sector that is now well-capitalised and well-positioned to support the economic recovery and revitalization process from the pandemic.
“Last but not the least, we have put in place strong regulatory frameworks and the completion of interoperability architecture at a minimal cost that are supportive of the Government’s digitisation agenda.
“Currently, Ghana’s financial digitisation drive has received massive support from all stakeholders, especially, the FINTECHs who have rolled out several innovative and diverse financial products and services within the ecosystem.
“Mr. President, as members of the Board, we are aware that the Ghanaian economy is on a gradual recovery path from the adverse
effects of the COVID-19 pandemic. However, there are still uncertainties in the domestic economic environment, such as the third
wave of the pandemic, which call for prudent policies to firm up the recovery process and protect livelihoods and jobs without stoking inflationary pressures. This positions the Bank of Ghana right at the centre of the Government’s agenda to boost growth and create jobs while maintaining macroeconomic stability in the post COVID-19 era.
“We are therefore committed to deliver on this mandate. Given the rich and diverse background of the team on the Board, there is no doubt in my mind that, together, we can build on the solid foundation laid by our predecessors and take this institution to even greater heights.
“I look forward to good cooperation and interesting deliberations on some of the critical issues concerning the Ghanaian economy during our Board meetings as we seek to deliver on the mandate given us.
“Your Excellency, I would like to say a big thank you once again for the trust reposed in us. The Board of the Bank of Ghana is up to the task of implementing sound policies to ensure macroeconomic stability, supported by a safe, sound, efficient and stable market-based financial system.
“These will underpin the growth and development agenda of Government as we seek to build a strong, prosperous and inclusive
nation.”