<\/p>\n
\n
Chief Executive Officer of the Association of Ghana Industries, Seth Twum Akwaboah, says the outcome of the Bank of Ghana\u2019s measures to control Ghana\u2019s rising inflation has not been particularly positive for businesses in the country.<\/p>\n
According to him, although these policy measures may have worked in previous years, they are currently failing to produce the same desired effect.<\/p>\n
\u201cIt looks like our fundamentals are so weak that even though Bank of Ghana is introducing these measures, we\u2019re not seeing the positive effects that we expect,\u201d he said.<\/p>\n
He added that \u201cI mean if you look at the past three or so policy rate review of the monetary policy committee meetings, they\u2019re always reviewing and revising the policy rate upwards. So one would have expected that by now, inflation would have come down drastically, but it\u2019s not happening. So it means that there is something more to it than merely increasing the policy rate.\u201d<\/p>\n
His comment comes on the back of the Bank of Ghana increasing the policy rate by 300 basis points to 22%, after an Emergency Monetary Policy Committee meeting on August 17th<\/sup>, 2022.<\/p>\n The move is part of measures to address the risks to the inflation outlook.<\/p>\n Speaking on JoyNews\u2019 PM Express Business Edition, he noted that the failure of the BoG\u2019s measures to stabilize the economy is indicative of the fact that more needs to be done to solve the current crisis.<\/p>\n \u201cSo some of the measures that the Bank of Ghana is planning to introduce include discussions with the mining sector, and to ensure that the export proceeds are repatriated home, and then being able to buy the dollars that they get is all measures that we need to see.<\/p>\n \u201cFor now, it\u2019s very difficult to predict the situation. No one can tell which particular measure will be the game changer; a combination of things must happen. So we need to monitor the situation and see but I think what we\u2019re finding ourselves in now is quite a challenging one,\u201d he said.<\/p>\n <\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Chief Executive Officer of the Association of Ghana Industries, Seth Twum Akwaboah, says the outcome of the Bank of Ghana\u2019s measures to control Ghana\u2019s rising inflation has not been particularly positive for businesses in the country. According to him, although these policy measures may have worked in previous years, they are currently failing to produce […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[661,2823,1999,650,1963,85,277,1145,191,23848],"class_list":["post-1184133","post","type-post","status-publish","format-standard","category-politics","tag-association","tag-bogs","tag-businesses","tag-ceo","tag-economy","tag-ghana","tag-industries","tag-measures","tag-positive","tag-stabilization"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1184133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1184133"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1184133\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1184133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1184133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1184133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}