The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has assured that necessary measures are being taken to ensure exchange rates are stabilised.
Speaking at the Chartered Institute of Bankers, Ghana 2022 Annual Bankers' Dinner [Governor’s Day], the BoG Governor stressed that to make this possible, the regulatory and supervisory frameworks will be enhanced.
“The Bank will continue to implement prudent policies as much as practicable to restore price and exchange rate stability. In addition, the regulatory and supervisory frameworks will be enhanced, while bank’s risk management systems are closely monitored to ensure stability and prevent undue stress from the macroeconomic environment and debt exchange,” Dr. Ernest Addison said at the Dinner on December 2.
According to the Governor of the Central Bank, things may be tough now but will get better very soon.
In his address, Dr. Addison said inflation will likely peak in the first quarter of 2023 and ease thereafter, subject to continued monetary policy tightness and the deployment of tools to contain excess liquidity in the economy.
“Mr. President, Ladies, and Gentlemen, despite the current daunting challenges, let us remain hopeful that the Ghanaian economy will bounce back as we prepare to ring in a new year. On this note, Distinguished Ladies and Gentlemen, let me wish you all compliments of the season and a Happy and Prosperous New Year in advance,” Dr. Addison said to conclude his address.