President Akufo-Addo with Dr. Ernest Addison
President Nana Akufo-Addo has urged the Bank of Ghana (BoG) to maintain focus on executing its mandate while dismissing distractions that could derail its mission.
Speaking at the BoG’s end-of-year cocktail event, the President lauded the central bank for its role as a stalwart financial custodian, an efficient currency manager, and a reliable lender of last resort.
He mentioned the bank’s pivotal role in safeguarding the nation’s economic stability.
“In the last seven years, the Bank of Ghana has distinguished itself in discharging its duties to the admiration of all well-meaning Ghanaians,” President Akufo-Addo declared.
President Akufo-Addo acknowledged the distressed state of the banking industry when he assumed office and praised the BoG’s intervention under the new leadership, emphasising the restoration of stability and sanity to prevent the collapse of the financial sector.
The President noted that the successful clean-up exercise safeguarded the funds of 4.6 million depositors.
“All these make the BoG an institution of excellence, reflecting the recent international recognitions of the central bank.
“BoG has won the central bank of the year awards two times with the Governor, Dr. Ernest Addison on one occasion being adjudged the Central Bank Governor of the Year,” he stated.
On the COVID-19 pandemic and the Russia-Ukraine conflict, President Akufo-Addo credited the BoG for playing a crucial role in restoring macroeconomic stability.
He highlighted the significant drop in inflation from 54% in December 2022 to 26.4% in November 2023, as well as sustained stability in the exchange rate.
He commended the central bank’s partnership with the International Monetary Fund (IMF) and its implementation of corporate governance measures to prevent future bank failures, ensuring a robust banking sector.
President Akufo-Addo acknowledged the BoG’s contribution to the digitisation of the economy, emphasising the transformation of the payment system and enhanced financial inclusion.
While acknowledging the challenges faced by the BoG in 2023, President Akufo-Addo praised the bank’s resilience under excellent leadership.
He called for stronger partnerships and enhanced policy coordination between the BoG and the Ministry of Finance to address current economic challenges and facilitate the desired economic transformation.
By Samuel Boadi