2023 has been challenging but fulfilling – BoG Governor

Governor of the Bank of Ghana, Dr. Ernest Addison, has reflected on the challenges and accomplishments of 2023 during an end-of-year cocktail event.

According to him, 2023 has been challenging but fulfilling.

He expressed confidence in the economic outlook, foreseeing notable improvements in the business operating environment in 2024.

Dr. Addison highlighted the central bank's successful efforts in reducing inflation, noting a significant drop to 26.4 percent, the lowest this year.

In the context of the current global "poly-crisis," he acknowledged that central banks worldwide have expanded their monetary policy approaches beyond interest rates, incorporating unconventional measures and leveraging balance sheets.

Emphasising effective collaboration with the Ministry of Finance, Dr. Addison credited the Bank of Ghana for formulating monetary policies that contributed to economic stability. Under the IMF-supported PC-PEG program, he mentioned positive outcomes, citing a decline in headline inflation from 54.1 percent in December 2022 to 26.4 percent in the present.

Addressing criticism regarding high inflation in 2022, Dr. Addison asserted that the subsequent decline proved that it was merely a temporary disruption, with the country quickly returning to pre-crisis levels.

He underscored the improved external sector position and the buildup of foreign exchange reserves, providing stability in the foreign exchange market.

Furthermore, Dr. Addison reported positive trends in high-frequency economic indicators monitored by the Bank, indicating the likelihood of surpassing the GDP growth projection for the year. Overall, he expressed optimism about the economic outlook and anticipated significant enhancements in the business operating environment in the coming year.



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