{"id":267925,"date":"2024-12-19T11:34:31","date_gmt":"2024-12-19T11:34:31","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/19\/maintain-tight-monetary-policy-stance-imf-tells-bog\/"},"modified":"2024-12-19T11:34:31","modified_gmt":"2024-12-19T11:34:31","slug":"maintain-tight-monetary-policy-stance-imf-tells-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/19\/maintain-tight-monetary-policy-stance-imf-tells-bog\/","title":{"rendered":"Maintain Tight Monetary Policy Stance \u2013 IMF Tells BoG"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr. Ernest Addison \u2013 BOG Boss<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance.<\/p>\n<p>According to the Fund, a tight policy stance, supported by robust liquidity absorption operations, is warranted to ensure that inflationary pressures\u2014stemming from the dry spell and the recent cedi depreciation\u2014do not de-anchor inflation expectations while inflation gradually returns within the BoG target band.<\/p>\n<p>In the IMF\u2019s assessment of the country after the third review of the Economic Credit Facility programme, it said continued progress in addressing the Fund\u2019s safeguard assessment recommendations is needed to strengthen the Central Bank\u2019S independence and operational efficiency.<\/p>\n<p>It continued that rebuilding international reserves and accelerating reforms to enhance BoG\u2019s foreign exchange intervention framework remain key priorities under the programme.<\/p>\n<p>\u201cThe over performance of reserves accumulation targets is welcome but mainly reflects a significant expansion of the gold for reserves programme, which warrants careful management of related portfolio risks and liquidity implications. Going forward, limiting FX [foreign exchange] interventions remains key to rebuilding external buffers\u201d.<\/p>\n<p>\u201cThe BoG made welcome progress in adopting a more robust FX reference rate computation method\u2014which would limit the occurrence of MCPs [Multiple Currency Practices]. Implementation of a formal internal FX intervention policy framework and replacement of bilateral adjudications with a transparent auction-based FX auctions\u2014complying with MCPs policy requirements\u2014are additional important steps to enhance the functioning of the FX market\u201d, it added.<\/p>\n<p>The IMF also called for steadfast and decisive progress in strengthening the financial sector.<\/p>\n<p>It pointed out that the BoG has appropriately intensified monitoring and escalated measures to promote timely recapitalisation and steps to sustain the viability of banks.<\/p>\n<p>However, it continued that progress is needed on this front as well as on the phasing out of regulatory forbearances. Given the high NPLs, the Fund added that it will also be crucial to implement robust supervisory strategies to bolster credit and operational risk.<\/p>\n<p><strong>A Business Desk Report<\/strong><\/p>\n<p><!-- CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison \u2013 BOG Boss \u00a0 The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance. According to the Fund, a tight policy stance, supported by robust liquidity absorption operations, is warranted to ensure that inflationary pressures\u2014stemming from the dry spell and the recent cedi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":93658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-267925","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Maintain Tight Monetary Policy Stance \u2013 IMF Tells BoG - 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\/12\/19\/maintain-tight-monetary-policy-stance-imf-tells-bog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maintain Tight Monetary Policy Stance \u2013 IMF Tells BoG - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Ernest Addison \u2013 BOG Boss \u00a0 The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance. 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