We’ll sustain reforms driving economic recovery – BoG Governor assures

The Bank of Ghana (BoG) is prepared to continue the necessary structural reforms to revive the country’s shaky economy.

It emphasizes the importance of vigilance and commitment in realigning the country’s economic situation.

Following the approval of the second $600 million tranche from the International Monetary Fund (IMF), Dr. Ernest Addison, Governor of the Bank of Ghana, stated: “We remain confident about the ongoing recovery process and would want to stress the importance of executing the needed structural reforms to support a better functioning of the economy”.

He also stated that the reforms will secure the long-term viability of performance adding that the Bank of Ghana will continue to observe both internal and global factors and respond properly to ensure the continuation of last year’s decreasing inflation trend.

“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. 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 better functioning of the economy. These structural reforms will be in ensuring the long-term sustainability of performance”, the Governor added.

Dr. Addison, stressed hope for early recapitalization to improve banking sector resilience and effective financial intermediation to accelerate macroeconomic economic growth.

“The banking sector remains sound, liquid, and profitable. The Bank of Ghana will continue to closely monitor banks’ capital restoration efforts in line with approved plans including through support from the Ghana Financial Stability Fund, following the impact of the Domestic Debt Exchange Programme (DDEP).”