Dr. Johnson Pandit Asiama
The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has stated that maintaining the stability of the cedi remains a priority for the Central Bank and will therefore continue to implement measures aimed at protecting its value for sustainable economic growth.
Speaking at a stakeholder engagement in Sunyani, Dr. Asiama explained that although the cedi came under pressure earlier in the year due to global developments, particularly the conflict in the Middle East, the currency had since recovered.
“That is why the Bank of Ghana will continue to take decisions that protect the value of the cedi, keep inflation low, preserve financial stability and support sustainable economic growth,” he said.
According to him, the goal of the Bank of Ghana is to create a stable economic environment where businesses, households could operate with confidence and plan for the future.
He said although the country’s recent economic gains were encouraging, there was the need for continued vigilance due to uncertainties in the global economy that could affect the country’s economic performance.
Dr. Asiama noted that the country continued to show signs of resilience, recording a growth rate of 6.4 per cent in the first three months of the year, compared with 6.2% during the same period last year.
He said the growth were mainly attributed to strong performances in the services and industrial sectors with increased economic activities that had increased across several areas, including improved bank lending to businesses, increased trade, higher industrial production and a recovery in tourism.
He said growing confidence among businesses and consumers was also contributing to the economic recovery, with declining lending rates making it easier for companies to access credit and invest.
“The banking sector also remains strong and stable. Banks are well-capitalised, deposits continue to grow, and the quality of bank loans has improved,” he added
On external sector performance, the Governor said the country’s trade position remained resilient, supported by strong exports of gold and cocoa, which contributed to a higher trade surplus in the first half of the year.
Dr. Asiama further acknowledged that rising global oil prices had increased the country’s import bill but stressed that Ghana continued to maintain strong foreign exchange reserves of about US$12.9 billion, enough to cover approximately five months of imports.
“These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market,” he added.
By Ebenezer K. Amponsah