President Nana Addo Dankwa Akufo-Addo has called upon the Bank of Ghana (BoG) to maintain its focus on its core mandate, undeterred by any misguided criticism. During the End of Year Cocktail event last Friday, the President praised the central bank for its robust support of the government and effective management of the nation’s finances.
In recent times, the BoG has faced scrutiny over its decision to accept a 50 percent haircut in the debt restructuring exercise, a move critical for securing a deal with the International Monetary Fund (IMF). Despite these challenges, President Akufo-Addo recognized the central bank’s role in managing the country’s currency, acting as a reliable source of liquidity, and serving as a lender of last resort.
According to a report by Daily Graphic, he emphasized the bank’s significant contribution during the COVID-19 pandemic, notably through the GH¢3 billion credit and stimulus package, which supported key sectors such as pharmaceuticals, hospitality, and manufacturing. This intervention, he noted, has played a crucial role in Ghana’s economic growth.
Reflecting on the state of the banking industry upon his government’s inception in 2017, President Akufo-Addo recalled encountering numerous financial institutions in distress. He credited the BoG’s intervention under new leadership for restoring sanity in the sector and safeguarding the funds of 4.6 million depositors.
The President also highlighted the BoG’s support for macroeconomic stabilization and its pivotal role in Ghana’s economic diversification and transformation process. He applauded the bank’s corporate governance measures, which aim to prevent future bank failures and ensure a robust banking sector.
In line with Ghana’s digitalization drive, President Akufo-Addo lauded the BoG’s efforts in transforming the country’s payment architecture and deepening financial inclusion, thereby promoting shared growth. These achievements have not gone unnoticed, as evidenced by the central bank’s recent international recognition.
The Finance Minister, Ken Ofori-Atta, speaking at the event, acknowledged the strong collaboration between the Ministry of Finance and the BoG. Despite global economic upheavals, their united efforts have led to significant economic growth, a more stable exchange rate, and declining interest rates.
He noted the decrease in inflation from 54.1 percent in December 2022 to 26.4 percent, expressing optimism for continued progress in 2024 towards economic freedom and social mobility for all Ghanaians.
BoG Governor Dr Ernest Addison assured that inflation is on course to return to pre-crisis levels, countering detractors who focused on the 2022 inflation spike. He reaffirmed the central bank’s commitment to steering the nation back to financial stability.
