The new BoG board
DR ERNEST Addison, Governor of the Bank of Ghana (BoG), has called on Government to firm up the economic recovery process, protect livelihoods and also jobs without stoking inflationary pressures.
Dr Addison, who was speaking at the inauguration of a governing board for BoG, said even though the economy was on a gradual recovery path from the adverse effects of the Covid-19 pandemic, there were still uncertainties in the domestic economic environment, such as the third wave of the pandemic which called for prudent policies.
“I look forward to good cooperation and interesting deliberations on some of the critical issues concerning the Ghanaian economy during our board meetings as we seek to deliver on the mandate given us.
“The board of the Bank of Ghana is up to the task of implementing sound policies to ensure macroeconomic stability, supported by a safe, sound, efficient and stable market-based financial system. These will underpin the growth and development agenda of Government as we seek to build a strong, prosperous and inclusive nation,” the Governor noted.
High Interest Rate
President Akufo-Addo, who inaugurated the new board, bemoaned the wide spread between lending rates and the policy rate of the Bank of Ghana.
According to him, “It is surely not right that the Central Bank’s monetary policy rate stands at 13.5%, whilst the commercial banks lend to the private sector at rates of 21% and above. This is a gap we have to breach if we are to realize the vision of Ghana whose economy is globally competitive. I believe the Bank of Ghana is best place to lead this process of reflection and action.”
Board Members
With Dr Addison as chairman, other members of the board include Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana; Elsie Addo Awadzi, Second Deputy Governor of the Bank of Ghana and Charles Kofi Adu Boahen, Minister of State at the Ministry of Finance. Others are Dr. Kwame Owusu-Nyantekyi, Dr. Samuel Nii-Noi Ashong, Jude Kofi Bucknor, Joseph Blignam Alhassan, Andrew Adinorte Boye-Doe, Comfort Ocran, Dr. Regina Adutwum, Angela Kyerematen-Jimoh and Professor Eric Osei Assibey.
BY Samuel Boadi