Bank of Ghana building
A financial analyst, Dr Micheal Dawson, has urged citizens to lend their support to the Bank of Ghana and its leadership for implementing raft measures to address the current economic situation.
Dr Michael Dawson believes that the recent decision to increase the monetary policy rate in order to ensure inflation does not spiral out of control is apt on the part of the Governor and his MPC team.
Speaking in an interview with GhanaWeb Business, Dr Dawson said the recent assurances given by the BoG governor, Dr Ernest Addison, indicating that there is enough liquidity in the financial sector will boost the confidence of investors and shareholders.
“The decision to increase the policy rate in the last MPC meeting was apt but as you know the way our politics is done in Ghana, that has not been appreciated. Without the BoG’s interventions, the economic situation would have been triple times worse and the current measures being implemented by the central bank are yielding some results while the country awaits an IMF support programme.”
“I am also aware of the recent clamp down to flush out the activities of the ‘black market’ operators in the system and this I understand forms part of measures to ensure a stable currency for businesses and citizens to thrive.”
“Despite the current situation, l have not heard of any financial institution complain of liquidity challenges because the Central Bank has given assurance that there is liquidity and so I personally believe as a nation, we must support and encourage the Governor and his team at this difficult time.”
Dr Dawson said this in reaction to remarks made by the Member of Parliament for Bolgatanga Central, Isaac Adongo, who accused the BoG Governor for contributing to the current economic situation.
“I think we shouldn’t politicise the situation but rather support the BoG Governor to implement these raft measures as the economic situation is not only peculiar to Ghana but is global one that is being felt in even advanced economies” he noted.
Meanwhile, the Bank of Ghana has assured universal banks in the country and other stakeholders that it will ensure there is enough liquidity until Ghana secures an IMF-supported programme.
Due to the current economic crisis, Ghana in July this year restored to the IMF for an economic support programme to restore macroeconomic stability, among others. The county is targeting $3 billion from the Fund once an agreement is reached.
FNOQ
