US Ambassador commends BoG governor for ensuring safe, sound banking sector

The US Ambassador to Ghana, Her Excellency Virginia Palmer, on Wednesday, 30th November 2022, paid a courtesy call on Governor Ernest Addison and Management of Bank of Ghana.

In a welcoming address, Dr. Addison provided an overview of Ghana’s current economic situation and noted that inflation had risen to over 40%, whilst the Ghana Cedi had depreciated by over 53% on a year-to-date basis. He, however, assured Her Excellency that the raft of measures introduced by the Bank and the impending International Monetary Fund (IMF) programme will help restore macroeconomic stability in the medium term. The Governor expressed optimism that the 2023 Budget had taken the initial step to reset fiscal policy on a consolidation path, and the smooth implementation will ease debt sustainability concerns.

On her part, the US Ambassador to Ghana, Virginia Palmer expressed her gratitude to the Governor and Management of the Bank. She commended the Governor Addison led Management for the key role they have played in ensuring that the banking sector remains sound and safe, despite the economic challenges.

She also pledged her office support to Ghana as steps are taken to overcome the current economic challenges, emphasising on the need to use the opportunity to push through major economic reforms to permanently resolve the current economic challenges.

The Ambassador was accompanied by the Economic Section Chief of the US Embassy, Ms. Stephanie Hutchison.

In the Governor’s team were the First and Second Deputy Governors, the Directors of Research, Financial Markets and the Bank’s Secretary.