The Bank of Ghana (BoG) says the country’s recent economic upturn is direct evidence that credibility, transparency and disciplined policy reform can restore stability and confidence, even after a severe crisis.
Speaking at the inaugural Pan-African Central Bank Governors’ Conference in Accra, BoG Governor Dr Johnson Pandit Asiama noted that just a few years ago Ghana was grappling with soaring inflation (54.1 %), a severely depreciated cedi, and reserves covering less than one month of imports.
He said the turnaround is anchored on, tighter monetary policy and liquidity control, structural fiscal reforms including debt exchange programmes andimproved transparency with markets and citizens.
Governor Asiama pointed to results: inflation has fallen into the single digits (8 %) and international reserves have risen to around US$11 billion, covering about 4.8 months of imports.
Yet he cautioned that “our stability is real, but it is still young, it is still being tested.” He urged African central banks to stay the course. “The lesson is clear, robust macro-economic diagnostics are not a technical exercise, they are the compass that guides policy.”
Source: Myxyzonline.com
