The Director of Research at the Institute of Economic\u00a0 Affairs\u00a0 (IEA) Dr John\u00a0 Kwakye has told managers of the\u00a0economy\u00a0not to be quick in celebrating the gains made in the economy.<\/strong><\/p>\nDr Kwakye says the economy is still fragile despite the drop in\u00a0inflation\u00a0rate l.<\/p>\n
\u201cOur economic managers shouldn\u2019t be hasty to make uterrances like we have \u2018tamed inflation,\u2019 \u2018stabilised the exchange rate,\u2019 \u2018turned the corner,\u2019 etc. because the economy is still fragile, vulnerable, and fickle,\u201d he wrote on his X platform.<\/p>\n
His comments come at a time President Nana Addo Dankwa\u00a0Akufo-Addo\u00a0called on the\u00a0Bank\u00a0of\u00a0Ghana\u00a0and the\u00a0Ministry of Finance\u00a0to strengthen their partnership to sustain the gains.<\/p>\n
The President said that the current economic challenges that\u00a0Ghana\u00a0faces require that every hand should be on\u00a0deck.<\/strong><\/p>\nBy the grace of God, he said, the government has turned the corner relative to the challenges.<\/p>\n
In a statement he presented during the end-of-year cocktail dinner organized by the\u00a0BoG\u00a0last week, the President said that the effective partnership between the BoG and the\u00a0International Monetary Fund\u00a0(IMF) in the $ 3 billion programme is yielding the right results.<\/p>\n
\u201cThere is clear evidence that inflation is being contained, moving from 54 per cent in December 2022 to 26.4 per cent in November 2023,\u201d he said.<\/p>\n
\u201cWe 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.<\/p>\n
\u201cRecent 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\u2019s\u00a0role in the digitization of the\u00a0economy. The architecture of our payment system has been transformed completely and financial inclusion has been deepened to ensure shared growth for all Ghanaians.<\/p>\n
\u201cAll these make the BoG an institution of excellence, reflecting the recent international recognition of the\u00a0central bank. The BoG has won the\u00a0Central Bank\u00a0of the Year\u00a0awards\u00a0two times with the governor, Dr\u00a0Ernest Addison\u00a0on one occasion being adjudged the central bank governor of the year,\u201d the President said.<\/p>\n
In conclusion, he added \u201cI 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.<\/p>\n
\u201cThis 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.\u201d<\/p>\n
3news.com<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The Director of Research at the Institute of Economic\u00a0 Affairs\u00a0 (IEA) Dr John\u00a0 Kwakye has told managers of the\u00a0economy\u00a0not to be quick in celebrating the gains made in the economy. Dr Kwakye says the economy is still fragile despite the drop in\u00a0inflation\u00a0rate l. \u201cOur economic managers shouldn\u2019t be hasty to make uterrances like we have […]<\/p>\n","protected":false},"author":1,"featured_media":130604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-133738","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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