'Ignore the mischief of misguided elements;' maintain your focus – Akufo-Addo to BoG

President Nana Addo Dankwa Akufo-Addo has admonished the Bank of Ghana to remain resolute and focused on delivering on its mandate while ignoring the “mischief of misguided elements.”

According to him, the Bank has, during a difficult period, served as an efficient currency manager, regulator and lender of last resort.

Speaking at an End of Year Cocktail event for the Central Bank on December 14, 2023, President Akufo-Addo said, “I am aware this year has been challenging for the bank but with the excellent leadership and the dedicated staff of the BoG, the bank has been able to surmount the difficulties and emerged even stronger.

“While I congratulate the bank for its achievements over the years, I want to stress that the current economic challenges require that every hand should be on deck."

He continued that, "By the grace of God, we have turned the corner and I reiterate my call for stronger partnerships and greater degree of policy coordination between the BoG and the Ministry of Finance. This call is for the bank within its remit of operational independence to play a pivotal role in helping to formulate and implement policies that will help usher in the economic transformation we all desire. In so doing, the bank should ignore the mischief of misguiding elements and maintain its focus on executing its mandate.”

Meanwhile, the Bank of Ghana governor has been under intense criticism after recording an impairment loss of 60 billion in the 2022 financial year.

But the Bank has occasionally defended the loss, describing it as a technical one as it had to take majority of the losses incurred as a result of the government’s Domestic Debt Exchange Programme which impacted on the profitability of most banks.

Officials of the Bank have pledged that moving forward, the Central Bank’s balance sheet will not be impacted by such a loss, as it would continue to adopt measures aimed at delivering on its mandate as the financial sector regulator.



MA/AE

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