Bank Of Ghana Reaffirms Commitment To Price Stability

The Bank of Ghana has reaffirmed its commitment to maintaining price stability and supporting economic growth through prudent monetary policy measures and ongoing financial sector reforms across the country.

According to GBC Ghana Online which reported on October 25, the central bank said it will continue to monitor inflation trends, exchange rate developments and global economic conditions and take appropriate measures to ensure that inflation remains within target bands.

The Bank has been implementing policies aimed at managing liquidity in the banking system, stabilizing the exchange rate and improving confidence in the financial system following recent reforms and debt management operations.

According to CitiNewsroom which reported on October 24, the Governor of the Bank of Ghana said the central bank’s policies have contributed to gradual moderation of inflation and improved stability in the banking sector over the past months.

He noted that strong supervision, enhanced risk management and regulatory measures have helped strengthen banks and ensure that they are able to support businesses and households with credit for productive activities.

According to Graphic Online which reported on October 24, the Bank of Ghana is also working to promote digital financial services, mobile money interoperability and to expand access to finance for small and medium enterprises that drive job creation and economic activity in Kumasi and other regions.

The central bank said it is collaborating with commercial banks and financial institutions to reduce lending rates, improve credit assessment and to improve access to affordable credit for productive sectors including agriculture, manufacturing and services.

According to GhanaWeb which reported on October 24, stakeholders in the business community have called for sustained efforts to reduce cost of credit and to support industries that add value to local raw materials and create export opportunities.

The Bank of Ghana has assured that it will continue to engage with market participants, development partners and the private sector and to communicate policy decisions clearly to enhance transparency and market confidence.

Economists have urged the central bank to balance inflation control with support for economic growth, especially as government implements programs to boost manufacturing, agro-processing and private sector development.

The Bank’s monetary policy committee is expected to continue reviewing economic conditions, fiscal developments and external sector performance and to provide guidance on policy direction for the remainder of the year.

The Bank of Ghana says it remains focused on its core mandate of ensuring price stability, financial system soundness, efficient payment systems and support for overall economic development of the country.

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