Akufo-Addo demands a closer collaboration between the BoG and the Ministry of Finance for the sake of sustaining economic gains

President Nana Addo Dankwa Akufo-Addo has emphasized that Ghana’s current economic challenges demand collective efforts from all stakeholders. Acknowledging the government’s progress in overcoming these challenges by the grace of God, he called for enhanced partnerships and increased policy coordination between the Bank of Ghana (BoG) and the Ministry of Finance to consolidate the gains achieved.

During a statement presented at the end-of-year cocktail dinner organized by the BoG last week, the President highlighted the positive outcomes of the effective collaboration between the BoG and the International Monetary Fund (IMF) in the $3 billion program. Notably, he mentioned the successful containment of inflation, which decreased from 54 percent in December 2022 to 26.4 percent in November 2023.

The President commended the BoG for its corporate governance measures, aimed at preventing future bank failures and ensuring a robust banking sector that supports the transformation agenda. He expressed satisfaction with recent policy measures aligning with efforts to move Ghana towards a situation beyond aid. The President also praised the BoG’s role in digitizing the economy, transforming the payment system architecture, and deepening financial inclusion for shared growth among all Ghanaians.

Highlighting the BoG’s international recognition, including winning the Central Bank of the Year award twice and Governor Dr. Ernest Addison being honored as the central bank governor of the year, the President affirmed the institution’s excellence.

In conclusion, he acknowledged the challenges faced by the BoG in the past year but commended its excellent leadership and dedicated staff for emerging stronger. While congratulating the BoG for its achievements, he reiterated the need for collective efforts, urging the bank to maintain its focus on executing its mandate amid economic transformation goals and to disregard misleading elements seeking to divert its attention.