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Tuesday, May 24, 2022

BoG reforms aimed at restoring economic stability — Veep


Vice-President Kwesi Bekoe Amissah-Arthur has assured investors of the government’s commitment to create a competitive environment to guarantee them adequate returns on their investments.

He explained that the recent reforms initiated by the Bank of Ghana (BoG) sought to stabilise the economy, enforce legal requirements for doing business and  reduce the ‘dollarisation’ of the economy.

Opening the fourth annual Africa-American Chamber of Commerce (AMCHAM) summit in Accra yesterday, Mr Amissah-Arthur said while the short-term measures taken by the BoG could be frustrating to importers, those in the export sector would appreciate the decision and view it as  necessity for them.  

The summit was on the theme: “Building the American Brand in Ghana”. Mixed reactions

The Vice-President observed that there had been mixed reactions to the decision to arrest the decline of the cedi, noting that while some applauded it, others had criticised it.

Mr Amissah-Arthur indicated that Ghana had chalked up significant economic successes, with the growth rate averaging seven per cent between 2001 and 2012, which enabled the country to introduce social sector interventions to protect the poor.

“The reform of the exchange system and maintenance of an appropriate incentive structure for the country was a central plank of the economic reforms of the early 1980s and has remained a government policy,” he added. Government support

Mr Amissah-Arthur reiterated the government’s resolve to support  AMCHAM to expand Ghana’s trade with the United States. 

Acknowledging the benefits of US-Africa trade, the Vice-President, however, expressed regret that Africa lacked access to finance and the supporting  infrastructure. AGOA

Touching on the Africa Growth and Opportunities Act (AGOA), which had been a major instrument in promoting the continent’s exports, Mr Amissah-Arthur stated that non-oil exports of AGOA countries to the United States had more than tripled since AGOA was enacted in 2000.

He stressed the need to create new market opportunities for African exporters to help their partners in the US to overcome some of the key challenges impeding greater African trade and investment. Time for change

The Vice-President stated that it was time to change US-Africa relations  from one of  donor and recipient to business partners.

“Africa’s trade requires a stable and predictable framework, without the uncertainty and volatility that has been associated with the global system and the development process,” he said. US Ambassador

The US Ambassador to Ghana, Mr Gene A. Cretz, pledged the commitment of the US Government to deepen trade ties with Africa. 

Writer’s email: [email protected]

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