Early settlement of pact with creditors, commercial bondholders to boost confidence - BoG

Bank of Ghana Governor, Dr Ernest Addison says Ghana’s external payment position is expected to improve, underpinned by continuous implementation of the IMF-supported programme and the Gold for Reserves programme, among others.

He also highlighted that the early completion and settlement of favourable agreement terms with bilateral creditors and commercial bondholders will help boost confidence and trigger resource flows in the domestic economy.

Speaking at the 115th MPC press briefing in Accra, Dr Addison added that, “The strong build up in reserves have provided cushion against external vulnerabilities, including the delay in the cocoa syndicated loan."

"Reserve build-up will even be stronger by the end of the year on receipt of the cocoa loan and disbursement of the IMF second tranche,” he added.

Dr Addison however said in the outlook, sustained fiscal consolidation will be needed to place the economy firmly on the course of disinflation and economic growth.

Meanwhile, the BoG has kept the policy rate unchanged at 30 percent for the second consecutive time citing core inflation measures easing downwards.

MA

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