Anticipated Boost in Business Operating Conditions for 2024 – Addison

Reflecting on the challenges and successes of 2023, Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), expressed confidence in the economic outlook. During the 2023 BoG End-of-Year cocktail dinner in Accra, he emphasized the positive expectations for a substantial enhancement in the operational environment for businesses in 2024.

President Nana Addo Dankwa Akufo-Addo, also present at the event, acknowledged the tough economic landscape faced by Ghana in the past year. However, he noted a turning point, crediting effective collaboration between the BoG and the Ministry of Finance for overcoming challenges. The President called for strengthened partnerships and increased policy coordination to consolidate the progress made.

President Akufo-Addo highlighted the successful collaboration between the BoG and the International Monetary Fund (IMF) in the $3 billion program, yielding positive outcomes. He pointed out notable achievements, such as the containment of inflation from 54% in December 2022 to 26.4% in November 2023 and the sustained stability of the exchange rate. The President commended the BoG’s corporate governance measures, emphasizing their role in preventing bank failures and ensuring a robust banking sector.

Applauding recent policy initiatives, the President commended the BoG’s efforts in moving Ghana towards self-reliance. He acknowledged the bank’s role in digitizing the economy, transforming the payment system architecture, and deepening financial inclusion for shared growth among Ghanaians.

In recognition of the BoG’s excellence, the President highlighted the international accolades, with the central bank winning the Central Bank of the Year award twice. Governor Dr. Ernest Addison was also honored as the Central Bank Governor of the Year on one occasion.

In conclusion, President Akufo-Addo acknowledged the challenges faced by the BoG in the past year but commended its leadership and dedicated staff for overcoming difficulties and emerging stronger. He reiterated the need for collective efforts in addressing current economic challenges, emphasizing the operational independence of the BoG and its pivotal role in shaping and implementing policies for desired economic transformation. The President urged the bank to stay focused on its mandate, disregarding distractions and embracing a continued commitment to excellence.