Ghana’s financial stability over last four years is not reversible – BOG boss assures

The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has assured that the financial stability and economic gains made in the last four years are not reversible.

Dr Addison, who chairs the board of the bank, has indicated that the reconstituted board of the central bank would implement policies to consolidate the gains made, and support the government’s pursuit to boost economic growth and create jobs.

He said this during the inauguration of the reconstituted board of the central bank in Accra last Friday.

According to the BoG governor, the country is on a gradual recovery path from the adverse effects of the Covid-19 pandemic, despite uncertainties in the domestic economic environment.

He noted that this uncertainty, spearheaded by the third wave of the pandemic, calls for prudent policies to firm up the recovery process and protect livelihoods and jobs without fuelling inflationary pressures.

Nonetheless, he said, pragmatic strategies have been put in place by the bank by the previous board to even propel the country’s economic fortunes a not higher.

He noted that such measures ha positioned the Bank of Ghana “right at the centre of the government’s agenda to boost growth and create jobs while maintaining macroeconomic stability in the post-Covid-19 era. We are therefore committed to deliver on this mandate.

“Given the rich and diverse background of the team on the Board, there is no doubt in my mind that, together, we can build on the solid foundation laid by our predecessors and take this institution to even greater heights,” he added.

According to Addison, just as there was limited time in 2017 when the board of the central bank had to grapple with the financial sector clean-up, there is no ‘honeymoon’ for the new board in safeguarding the country’s financial stability, and pledged that the board’s commitment to ensuring such stability.

Economic recovery and revitalisation

The governor said, despite the ravaging impact of the Covid-19 pandemic, the central bank has implemented prudent monetary policies which has yielded positive results.

“Despite the Covid-19 shock, inflation has eased to single digits and currently within the medium-term target band; the exchange rate has remained relatively stable, supported by adequate reserve levels that currently stands at about five months of import cover,” he said.

“We have also implemented financial sector policies which have revamped the banking sector that is now well-capitalized and well-positioned to support the economic recovery and revitalisation process from the pandemic,” he added.

Dr Addison also indicated that the central bank has also put in place strong regulatory frameworks and completed the interoperability architecture at a minimal cost that are supportive of the government’s digitisation agenda.

This has resulted in the country’s financial digitisation drive witnessing enormous support from all stakeholders, especially, the financial technology companies (fintech) who have rolled out several innovative and diverse financial products and services within the ecosystem.

The reconstituted board of the central bank

The 13-member board, chaired by Dr Addison, would be responsible for formulating policies for the achievement of the bank’s objectives.

The other members include the First Deputy Governor of BoG, Dr Maxwell Opoku-Afari, Second Deputy Governor of BoG, Mrs Elsie Addo Awadzi, and a Minister of State at the Ministry of Finance, Mr Charles Kofi Adu Boahen.

The rest are Dr Kwame Owusu-Nyantekyi, Dr Samuel Nii-Noi Ashong, Mr Jude Kofi Bucknor, Mr Joseph Blignam Alhassan, Mr Andrew Adinorte Boye-Doe, Mrs Comfort Ocran, Dr Regina Adutwum, Ms Angela Kyerematen-Jimoh and Professor Eric Osei Assibey.

READ ALSO: Akufo-Addo Commends BoG For Stellar Work Done Since 2017

In his remarks during the inauguration, President Nana Addo Dankwa Akufo-Addo commended Dr Addison, his two Deputies and all the other board members of the central bank for their work, which has supported his administration in growing the economy.

“I congratulate the governor, ex-officio the chairperson and members of the newly constituted board of the Bank of Ghana on their well deserved appointment,’ president Akufo-Addo said.

“I am pleased not only to have sworn into office members of the board of the Bank of Ghana a few moments ago, but also to have this opportunity to comment on the invaluable contribution of the bank to the transformation agenda of government,” he added.

He went on to say that, he made the appointments, “in order to have an appropriate platform to express my sincere appreciation to the board and management of the bank for the stellar work they have done for our nation since my assumption of office in January 2017.”

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