Dr. Johnson Asiama
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has called for stronger collaboration between the Central Bank and the private sector to help implement sound policies that will continuously strengthen and improve the financial system.
Speaking during an engagement with the UK-Ghana Chamber of Commerce (UKGCC) at Bank Square in Accra, Dr. Asiama said businesses are not merely passive recipients of monetary policy decisions but key stakeholders who have over the years helped shape policy decisions hence the need for stronger collaboration.
“Businesses are not merely passive recipient of monetary policy impulses but crucial actors who, in turn, shape monetary policy decisions. We recognise that sound policy is most effective when it is well understood, responsive to market realities, and implemented in collaboration with key stakeholders,” he said.
“It is therefore imperative that we leverage platforms, like this one, to explain our policies and initiatives and receive feedbacks that become an essential input for policy decision making,” he stated.
The meeting was aimed at engaging the Bank of Ghana on its guidelines and directives issued under the Foreign Exchange Act, 2006 (Act 723), which seek to streamline foreign exchange market operations, improve transparency and compliance, and reinforce macroeconomic stability.
Dr. Asiama noted that policy implementation must be pragmatic and supportive of the business environment, adding that businesses must appreciate market rules to conduct legitimate operations.
According to him, the foreign exchange directives form part of a broader policy framework aimed at deepening market discipline, ensuring efficient foreign exchange management, and creating a predictable environment for trade and investment.
“These guidelines and directives, together with tight monetary policy stance and prudent fiscal management, have accelerated the significant progress toward strengthening of the domestic currency and the achievement of macroeconomic stability over the past year,” he noted.
He said for nearly a decade, the UK-Ghana Chamber of Commerce has supported businesses in the United Kingdom and Ghana, serving as a bridge between the two economies and therefore commended the Chamber for strengthening commercial relations, boosting investor confidence, and creating viable avenues for partnerships between businesses in both countries.
“I would like to assure you that the Bank of Ghana is determined to consolidate these gains because we believe that a stable macroeconomic environment translates into a better business environment, greater consumer confidence, and improved trade and services,” the Governor added.
He further affirmed that the Bank’s strict and disciplined monetary policy implementation would reinforce inflation expectations, improve external buffers, and enhance financial sector resilience while sustaining ongoing structural and regulatory reforms to ensure long-term stability.
By Ebenezer K, Amponsah