\n
The direction of recent macroeconomic indicators has given some positive signals of a gradual turnaround in the economy,\u00a0Bank of Ghana\u00a0Governor Ernest Addison has said.<\/p>\n
He said this follows the implementation of \u201csound\u201d macroeconomic policies, the \u201csuccessful\u201d completion of the domestic debt restructuring, and a wide range of structural reforms.<\/p>\n
Speaking at the Chartered Institute of Bankers\u2019 Governor\u2019s Day, Dr Addison said: \u201cIndications are that sustained policy efforts are needed to firm up the emerging stability and growth\u201d.<\/p>\n
One of such policy effort is the central bank\u2019s Domestic Gold Purchase Programme (DGPP), which was launched in June 2021.<\/p>\n
He explained that with the DGPP, the central bank started converting a domestic asset into a foreign asset through the purchase of locally-produced gold in local currency and converting same into monetary gold.<\/p>\n
The objective, Dr Addison mentioned, is \u201cto rebuild reserves, stabilise the foreign exchange market, and in turn, support the disinflation process.\u201d \u201cThe first leg of DGPP is the Gold for Reserves (G4R) transactions initiated by the central bank to augment foreign reserves with a view to double gold holdings in the foreign exchange reserves within five years\u201d, he said, adding: \u201cSince its inception, the Bank has purchased 17.89 tons of gold, equivalent to US$1.14 billion, which has more than doubled the level of the central bank\u2019s gold reserves, well ahead of the initial target.\u201d<\/p>\n
Apart from the reserve buildup, Dr Addison said the Gold for Oil (G4O) programme, another leg of the DGPP, has also helped to \u201creduce the demand for US dollars by the Bulk Oil Distribution Companies (BDCs), who would otherwise have sourced forex from the market for the importation of petroleum products\u201d.<\/p>\n
\u201cSo far, a total of 14.23 tons (US$907 million) of gold has been purchased for barter payments for importation of petroleum product\u201d, he reported. He said the G4O programme has also \u201cimpacted the central bank\u2019s cash flow, helped maintain stable ex-pump prices, fostered market confidence, and supported the local currency\u201d.<\/p>\n
In addition to the improvements in the macroeconomic environment and the performance of the banking sector, Dr Addison said the central bank has also worked to strengthen the regulatory and supervisory frameworks \u201cto improve the overall resilience of the financial system\u201d.<\/p>\n
\u201cFurthermore, the ongoing work of the Ghana Deposit Protection Corporation and the Financial Stability Council will help to further strengthen the resilience of the banking sector and the protection of deposits,\u201d he added.<\/p>\n
Source:\u00a0<\/strong>classfmonline.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The direction of recent macroeconomic indicators has given some positive signals of a gradual turnaround in the economy,\u00a0Bank of Ghana\u00a0Governor Ernest Addison has said. He said this follows the implementation of \u201csound\u201d macroeconomic policies, the \u201csuccessful\u201d completion of the domestic debt restructuring, and a wide range of structural reforms. Speaking at the Chartered Institute of […]<\/p>\n","protected":false},"author":1,"featured_media":128422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-128421","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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