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BoG working hard to return economy to stability - Ghanaians assured

Philip Abradu Otoo212121 Head of Research at the Bank of Ghana, Philip Abredu-Otoo

Wed, 8 Jun 2022 Source: www.ghanaweb.com

The Bank of Ghana has stated that it is working will ensure that Ghana’s economy bounces back to pre-COVID levels.

According to the Central Bank, plans are in place to stabilize the prices of goods and services and strengthen the weakening cedi.

Head of Research at the Bank of Ghana, Philip Abredu-Otoo, speaking on behalf of the Governor at a programme organized by the Institute of Statistical, Social and Economic Research to improve access to digital financial platforms stated that the BoG is using certain strategies for banks to lend in these harsh economic times.

“Our economy has been one of the best before COVID-19. But the virus has affected it such that we were recording low growth. However, even with this, Ghana could boast of a positive growth when other countries were contrasting.”

“Unfortunately, when the economy was picking up again, then comes the Russia invasion of Ukraine which has affected the macroeconomic performance again”, he said.

He also stated that “at the moment, the Bank of Ghana is working hard to ensure that we return the country to stable macroeconomic stability. The Central Bank is also using other means like moral suasion to get institutions that we regulate to support businesses in a way to revive their operations."

Source: www.ghanaweb.com
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