President Nana Addo Dankwa Akufo-Addo has asked the Bank of Ghana (BoG) to investigate the cause of the high interest rates in the country and to come up with a corresponding action plan to solve the problem.
“It is not correct that the central bank’s monetary policy rate is 13 percent, while commercial banks lend the private sector at rates of 21 percent and more”
“This is a loophole that we need to fill if we are to achieve the vision of a Ghana whose economy is globally competitive,” he said
This is what the president said when he inaugurated the BoG’s board of directors in the anniversary house in Accra last Friday.
Chaired by the Governor of BoG, Dr. Ernest Kwamina Yedu Addison, the board also includes Dr. Maxell Opoku-Afari and Ms. Elsie Addo Awadzi, first and second deputy governors of the Central Bank.
Other members are Charles Kof Adu Boahen from the Treasury Department, Dr. Kwame Owusu-Nyantakyi, Dr. Samuel Nii-Noi Ashong and Mr. Jude Kofi Bucknor
The rest are Madam Angela Kyerematen-Jimoh, Ms. Comfort Ocran, Dr. Regina Ohene-Darko Adutwum, Mr. Joseph Blignam Alhassan and Mr. Andrew Adinorte Boye-Doe.
President Akufo-Addo praised the members for their appointment and noted that their expertise, knowledge and achievements have made them carefully selected to support the work of the bank
“I count on this body with its diverse experience, talents and skills to support the bank’s agenda and formulate the guidelines necessary to achieve its goals. This is an indictment that I am confident you will keep, ”he said.
He said that although the BoG’s governors and board members were appointed by him, the central bank had operational independence so that it could fulfill its diverse mandates without obstruction or interference
“However, full autonomy does not mean that the bank’s monetary policy should conflict with the overall macroeconomic policies of the government,” he said, emphasizing the need for the BoG and the government to work together to ensure that monetary policy complements fiscal policy.
This, he added, would create a conducive macroeconomic environment to support the growth and development of the economy.
President AKufo-Addo praised the central bank for supporting his government over the past four years and for reorganizing the banking sector
He also praised the bank for introducing innovations such as developing the gold buying program launched by the BoG and the central bank’s digital currency pilot, which aims to transform the architect of the country’s financial system.
The Governor of BoG, Dr. Addison, thanked the President for the trust that members have shown to serve on the Board.
“The task that you have entrusted to us comes with a greater sense of responsibility to fulfill the mandate of the bank for the benefit of the Ghanaian economy. While this task is enormous and daunting, we are confident that we will be able to complete it and we commit to pursuing prudent policies in order to maximize the profits we have made over the past four years. to consolidate, ”he said.
BY YAW KYEI