BoG Governor

The protest was held on Tuesday to denounce the economic crisis as a result of what the protesters termed poor fiscal policy by the BoG. Addison also rejected the claims by the Minority that he printed money to finance the lavish lifestyle of the ruling government. According to him, the BoG provided monetary financing during 2020 and 2022, to meet specific crises which he says is legal under the Central Bank law. The Central Bank posted losses totalling GHC60.81 billion for the 2022 financial year as against a profit of GHC1.23 billion recorded in 2021. The losses were a result…

The Governor of the Bank of Ghana Dr Ernest Addison has said that the central bank has met its target of zero financing of government budget under a programme with the International Monetary Fund (IMF). Addressing the 113th Monetary Policy Committee (MPC) press conference in Accra on Monday July 24, Dr Addison said “Implementation of the IMF-supported Extended Credit Facility programme for the first six-months of 2023 is broadly in line with the Performance Criteria targets for June 2023. While the programme envisaged a drawdown in reserves of close to US$100 million, the BoG built reserves in excess of U$S1…

The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has emphasised that the primary objective of the bank’s stance on the new Bank of Ghana Act of 2002 (Act 612) is to guarantee clarity of the law. Dr. Addison pointed out that the current Act requires an amendment to address inconsistencies and challenges with its implementation; and to clarify measurement issues, procedural matters and other related aspects to facilitate a smoother process. “We need to improve it to make these things a little easier,” he asserted at a press briefing following the 112th meeting of the Monetary Policy Committee (MPC). His comments come on…

As inflation continues to trend downward, the market anticipates the Bank of Ghana’s Monetary Policy Committee (MPC) to adopt a policy-hold strategy at its 112th meeting this week by retaining the rate at 29.5 percent. Consumer prices slowed for the fourth month running in April 2023 to 41.2 percent year-on-year, -3.8 percent from March 2023 – thus 12.9 percent since start of the year; sustaining the disinflationary run that commenced in January 2023 following a peak of 54.1 percent in December 2022. To reinforce the pace of disinflation and re-anchor inflation expectations, the central bank’s MPC tightened financing conditions further –…

REMARKS BY DR. ERNEST ADDISON GOVERNOR, BANK OF GHANA ADDRESSING DEBT CHALLENGES AND ENHANCING DEBT MANAGEMENT TO IMPROVE ACCESS TO FINANCE IN AFRICA IMF HEADQUARTERS BUILDING, WASHINGTON, D.C, USA SUNDAY, 16TH APRIL 2023 Thank you, Chair. I wish to focus my intervention on addressing debt challenges and enhancing debt management to improve access to finance in Africa. But, let me first take this opportunity to express my sincere appreciation to Madam Georgieva, for the exceptional leadership and relentless efforts in exploring, to the full extent possible, resources to help member countries, especially in Africa, mitigate the adverse impact of the COVID-19 pandemic.…