Bank of Ghana Governor Dr Johnson Pandit Asiama has cautioned Ghana’s economic managers against complacency, despite the progress made in stabilising the economy.
Dr Asiama said recent developments in economic management were encouraging but warned that uncertainty in the global economy meant Ghana could still face external shocks.
He said events beyond Ghana’s borders could have significant effects on the domestic economy, making it important for policymakers to remain vigilant and continue implementing measures that protect economic stability.
“That is why the Bank of Ghana will continue to take decisions that protect the value of the cedi, keep inflation low, preserve financial stability and support sustainable economic growth,” he said.
The Bank of Ghana Governor made the remarks at a stakeholders’ engagement in Sunyani, where he outlined developments in the country’s economy and the central bank’s efforts to maintain stability.
Dr Johnson Asiama said the Bank of Ghana’s objective was to create an economic environment that would allow businesses to operate with confidence while enabling households to plan effectively for the future.
“Our goal is simple: to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy,” he said.
He also noted that Ghana’s external sector had remained resilient, with strong performances in gold and cocoa exports contributing to a higher trade surplus during the first half of the year.
Although higher global oil prices have increased the country’s import bill, Dr Asiama said Ghana continued to maintain strong foreign exchange reserves of about US$12.9 billion.
The reserves, he explained, were sufficient to cover approximately five months of imports and provided the country with an important buffer against external shocks.
“These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market,” he said.
Dr Johnson Asiama further disclosed that the cedi had come under pressure earlier in the year due to global developments, particularly the conflict in the Middle East.
However, he said the local currency had since recovered, with the central bank remaining committed to maintaining stability in the foreign exchange market.
“We remain committed to maintaining an orderly and well-functioning foreign exchange market,” he said.
By : Rachael Djabakie