• President Akufo-Addo has commended the leadership of the central bank for its sterling efforts in the banking sector
• He said the Bank is a safe custodian of the nation’s assists and efficient currency manager
• He however tasked the Board of the central bank to interrogate and address concerns of high interest rates
President Nana Addo Dankwa Akufo-Addo commended the Bank of Ghana for its sterling efforts in ensuring the banking sector remains liquid and solvent.
According to him, the central bank has proven to be a sound banker to the government and a safe custodian of the nation’s precious assets which is money.
Speaking at the swearing-in ceremony of the newly constituted Governing Board of the Bank of Ghana on Friday August 20, 2021, President Akufo-Addo said the bank “has been an efficient currency manager, the reliable sourcing and regulator of liquidity and above all the dependable lender of last resort to the banking sector”
“When the COVID-19 pandemic struck our shores, the Bank of Ghana together with the supports of some commercial banks instituted a GH¢3 billion credit and stimulus package to help revitalize industry especially in the pharmaceutical, hospitality, service and manufacturing sectors and we have seen the effects of this interventions by the Bank evident in the steady rebound growth of the economy,” the president explained.
On the banking sector, President Akufo-Addo said that he still remains encouraged by the many corporate governance measures that have been put in place by the Bank of Ghana to mitigate against any future bank failures and ensure a resilient banking sector.
The president on the hand urged members of the bank’s governing board to implement key policies for economic growth and charged them to interrogate the issue of high interest rates in Ghana and how the problem should be addressed in order to enhance the competitiveness of the private sector.
“It is surely not right that the central bank’s monetary policy rate stands at 13.5 percent whiles the commercial banks lend to the private sector at 21 percent and above. This is a gap we have to break if we are to realise a vision of Ghana with economies globally competitive. I believe the Bank of Ghana is best placed to lead this process of reflection and action,” the President stressed.
Meanwhile, the Governing Board of the Bank of Ghana is chaired by Dr. Ernest Addison, Governor of the Bank of Ghana, with members including Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, Mrs. Elsie Addo Awadzi, Second Deputy Governor of the Bank of Ghana and Mr. Charles Kofi Adu Boahen, Minister of State at the Ministry of Finance.
Other members are, Dr. Kwame Owusu-Nyantekyi, Dr. Samuel Nii-Noi Ashong, Mr. Jude Kofi Bucknor, Mr. Joseph Blignam Alhassan, Mr. Andrew Adinorte Boye-Doe, Mrs. Comfort Ocran, Dr. Regina Adutwum, Ms. Angela Kyerematen-Jimoh and Professor Eric Osei Assibey.
The Board will be responsible for the formulation of policies for the achievement of the Central Bank’s objectives.
Watch a playback of the event below: