Dr Ernest Addison
President Akufo-Addo last Friday inaugurated a newly-constituted 13-member board for the Bank of Ghana and commended them for the effort to enhance domestic gold purchasing.
According to the President, the recently introduced domestic gold purchasing initiative is a game changer that will help transform domestic gold production value chain.
“For decades we have been baffled by the fact that our nation which has been for generations, one of the leading producers of gold in the world, has never instituted a domestic gold purchasing programme to develop the domestic gold production value chain, hence the transformational nature of the recent gold purchasing programme introduced by the bank,” the President said.
“It has opened up the entire value chain with the imminent completion of a Ghanaian gold refinery. This development will allow us to add value to our gold and establish transparency in the small scale gold mining industry in Ghana,” he added.
The President charged the BoG board to as a matter of urgency, look into why the country continues to have high interest rates and offer solutions to enhance the competitiveness of the private sector.
“It is surely not right that the Central Bank’s monetary policy rate stands at 13.5% while the commercial banks lend to the private sector at rates of 21% and above. This is a gap we have to bridge if we are to realise the vision of a Ghana who economy is globally competitive,” President Akufo-Addo said.
Chairman of the board, who doubles as the Governor, Dr. Ernest Kwamina Yedu Addison, pledged on behalf of the board that they will pursue prudent policies to consolidate the gains made in the last four years.
“Given the rich and diverse background of the board, there is no doubt in my mind that together we can build on the solid foundation that has been laid by our predecessors and take this institution to even greater heights,” Mr. Addison said.
Other members included Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, Miss Elsie Addo Awadzi, Second Deputy Governor, Charles Kofi Adu Boahen, Minister of State, Finance Ministry.
The rest are Professor Eric Osei Asibey, Dr. Kwame Owusu- Nyantekyi, Dr. Samuel Nii-Noi Ashong, Mr. Jude Kofi Bucknor, Mr. Joseph Blignam Alhassan, Mr. Andrew Adinorte Boye-Doe, Madam Angela Kyerematen-Jimoh, Mrs. Comfort Ocran and Madam Regina Ohene-Darko Adutwum.