{"id":141426,"date":"2024-01-21T09:20:00","date_gmt":"2024-01-21T09:20:00","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/21\/governor-addison-attributes-downward-trend-in-inflation-to-strong-innovative-policies-tight-monetary-conditions\/"},"modified":"2024-01-21T09:20:00","modified_gmt":"2024-01-21T09:20:00","slug":"governor-addison-attributes-downward-trend-in-inflation-to-strong-innovative-policies-tight-monetary-conditions","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/21\/governor-addison-attributes-downward-trend-in-inflation-to-strong-innovative-policies-tight-monetary-conditions\/","title":{"rendered":"Governor Addison attributes downward trend in inflation to \u2018strong &#038; innovative policies, tight monetary conditions\u2019 \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Governor of the\u00a0Bank of Ghana\u00a0(BoG),\u00a0Dr Ernest Addison, has said that the recent trends in inflation that the\u00a0economy\u00a0has witnessed in the course of 2023 suggest that the managers of the economy are on course.<\/strong><\/p>\n<p>A year ago, at this time, inflation was at around 54 percent, but Dr Addison said through strong and innovative policies, tight monetary conditions, and relative exchange rate stability, inflation has been more than halved by the end of 2023 and will be currently reported by the Ghana Statistical Service (GSS) at 23 percent.<\/p>\n<p>He explained that several factors have supported the disinflation process.<\/p>\n<p>He cited \u201cmonetary policy stance throughout 2023, stable crude oil prices which led to stable\u00a0fuel prices\u00a0with favourable impact on transportation costs, a relatively stable exchange rate environment, stronger FX reserve accumulation due to the gold for reserve programme, and favourable climatic conditions on the food supply chain process,\u201d as the factors.<\/p>\n<p>Looking ahead to 2024, he said, the expectation is for inflation to ease further, underpinned by continued implementation of sound policies till inflation expectations are firmly anchored towards our single digit objective.<\/p>\n<p>\u201cIn this regard, the Bank of Ghana will continue to monitor both domestic and external developments and respond appropriately to ensure that the downward inflation trajectory observed in recent months is sustained without undermining growth. The 2023 experience of a strong reduction in inflation and stronger growth is instructive,\u201d Dr Addison said during the joint Ghana-International Monetary Fund\u00a0(IMF) press conference in Accra on Friday, January 19 on completion of the First Review of the Extended Credit Facility (ECF) Programme<\/p>\n<p>Regarding the banking sector, he indicated that\u00a0banks\u00a0remain sound, liquid, and profitable.<\/p>\n<p>However, he said, the Bank of Ghana will continue to closely monitor banks\u2019 capital restoration efforts in line with approved plans including through support from the Ghana Financial Stability Fund, following the impact of the Domestic\u00a0Debt Exchange Programme\u00a0(DDEP).<\/p>\n<p>\u201cWe expect early recapitalization to promote banking sector resilience and effective financial intermediation to help speed up macroeconomic economic recovery going forward. With a successful conclusion of the first review, we need to begin to think of the second review of the programme and beyond. While tentative indications point to sound implementation of policies through to December 2023, vigilance and commitment will be needed in 2024 to undertake all the structural reforms envisaged under the programme. Implementation of these reforms to ensure the economy functions well will be critical.<\/p>\n<p>I will finally add that although a challenging year confronts us, we remain confident about the ongoing economic recovery process and would want to stress the importance of executing the needed structural reforms to support a better functioning of the economy. These structural reforms will be in ensuring long term sustainability of performance.\u201d<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Governor of the\u00a0Bank of Ghana\u00a0(BoG),\u00a0Dr Ernest Addison, has said that the recent trends in inflation that the\u00a0economy\u00a0has witnessed in the course of 2023 suggest that the managers of the economy are on course. A year ago, at this time, inflation was at around 54 percent, but Dr Addison said through strong and innovative policies, tight [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":128443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-141426","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Governor Addison attributes downward trend in inflation to \u2018strong &amp; innovative policies, tight monetary conditions\u2019 \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/21\/governor-addison-attributes-downward-trend-in-inflation-to-strong-innovative-policies-tight-monetary-conditions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Governor Addison attributes downward trend in inflation to \u2018strong &amp; innovative policies, tight monetary conditions\u2019 \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Governor of the\u00a0Bank of Ghana\u00a0(BoG),\u00a0Dr Ernest Addison, has said that the recent trends in inflation that the\u00a0economy\u00a0has witnessed in the course of 2023 suggest that the managers of the economy are on course. 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