The President, Nana Addo Dankwa Akufo-Addo, has commended the Bank of Ghana (BoG) for the role it has played in the last seven years to maintain economic stability and development of the country.
“In the last seven years, the BoG has distinguished itself in discharging its duties to the admiration of all well-meaning Ghanaians. It has been a sound banker to the government and a safe custodian of the country’s money,” the President stated this during the 2023 end of year cocktail of the BoG.
According to President Akufo-Addo, BoG had also been an efficient currency manager, a reliable source of liquidity and a dependable lender of last resort.
“When COVID-19 struck with its dire consequences for the country, the BoG, with the support of the commercial banks, instituted the GH¢3 billion credit and stimulus package to help revitalise industries, especially the pharmaceutical, hospitality and manufacturing sectors and we have all seen the effects of this intervention, evidenced by the growth of the economy,” he stressed.
He said the government introduced corrective measures to address the imbalances in the economy following the COVID-19 pandemic and with support from the BoG macro-economic stability was being restored.
President Akufo-Addo indicated that there was clear evidence that inflation was being contained, saying “From 54 per cent in December 2022 to 26.4 per cent in November 2023. We are also witnessing sustained stability of the exchange rate.”
He said the recent policy measures introduced by the BoG were commendable and in line with efforts in moving Ghana to a situation beyond aid.
President Akufo-Addo said he had taken keen interest in the bank’s role in the digitisation of the economy and the architecture of our payment system had been transformed completely and financial inclusion had been deepened to ensure shared growth for all Ghanaians.
“All these make the BoG an institution of excellence, reflecting the recent international recognitions of the central bank. The BoG has won the central bank of the year awards two times with the governor, Dr Ernest Addison on one occasion being adjudged the central bank governor of the year,” he stated.
Source: thebftonline.com