Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said that 2023 has been a challenging but fulfilling year.
He said managers of the economy are confident about the economic outlook and expect to see a significant improvement in the operating environment for businesses in 2024.
He said these at the 2023 BoG End-of-Year cocktail dinner in Accra.
Speaking at the same event, President Nana Addo Dankwa Akufo-Addo said that the current economic challenges that Ghana faces require that every hand should be on deck.
By the grace of God, he said, the government has turned the corner relative to the challenges. He, therefore, called for stronger partnerships and a greater degree of policy coordination between the Bank of Ghana (BoG) and the Ministry of Finance to consolidate the gains made.
The President said that the effective partnership between the BoG and the International Monetary Fund (IMF) in the $ 3 billion programme is yielding the right results.
“There is clear evidence that inflation is being contained, moving from 54 per cent in December 2022 to 26.4 per cent in November 2023,” he said.
“We are also witnessing sustained stability of the exchange rate. I am also encouraged by the many corporate governance measures put in place by the BoG to mitigate future bank failures and ensure that we have a strong banking sector to drive the agenda of transformation.
“Recent policy measures introduced by the BoG are commendable and in line with efforts to move Ghana to a situation beyond aid. I have also taken a keen interest in the bank’s role in the digitization of the economy. The architecture of our payment system has been transformed completely and financial inclusion has been deepened to ensure shared growth for all Ghanaians.
“All these make the BoG an institution of excellence, reflecting the recent international recognition 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,” the President said.
In conclusion, he added “I am aware this year has been challenging for the bank, but with the excellent leadership and the dedicated staff of the BoG, the bank has been able to surmount the difficulties and emerged even stronger. While I congratulate the bank for its achievements over the years, I want to stress that the current economic challenges require that every hand should be on deck. By the grace of God, we have turned the corner and I reiterate my call for stronger partnerships and a greater degree of policy coordination between the BoG and the Ministry of Finance.
“This call is for the bank within its remit of operational independence to play a pivotal role in helping to formulate and implement policies that will help usher in the economic transformation we all desire. In so doing, the bank should ignore the mischief of misguided elements and maintain its focus on executing its mandate.”
