The Governor of the Bank of Ghana (BoG) Dr Ernest Addison has urged policymakers to sustain achievements in macroeconomic stability especially going into next year’s election.
Dr Addison said achieving macroeconomic stability takes deliberate policies, sacrifices and resources which if not sustained, can easily unravel.
He said the country has achieved a good degree of macroeconomic stabilisation, under a fiscal and monetary regime oriented towards disinflation.
Dr Addison added, “This framework includes an independent monetary policy coordinated with a prudently set fiscal framework including strict public expenditure management.”
Speaking at the 2019 Ghana Economic Forum on Wednesday, Dr Addison said: “This framework has delivered low inflation and well-anchored inflation expectations around our medium-term target which serves as the bedrock for private sector investments, business growth, structural transformation and overall economic expansion.”
Dr Addison added “It is incumbent on us, as policymakers to demonstrate a strong commitment to this policy framework in the near-term to ensure that the gains achieved so far are sustained. Achieving macroeconomic stability takes deliberate policies, sacrifices and resources which if not sustained, can easily unravel.
He said “…the policies that we put into place in 2017 are yielding the right results. The economic indicators are good in terms of inflation, external account balances, reserves, GDP growth and business confidence. We have not only made significant gains in stability through prudent monetary and fiscal policies but also in regulatory and structural reforms, especially in the banking sector.”
“This is key to unlocking the financial sector’s capacity to intermediate efficiently with increased access to credit in support of the country’s growth agenda. Indeed, the thrust of the current debate is not only about sustainability but also about scaling up broad-based growth for poverty reduction and increased employment,” he said.
The Ghana Economic Forum was incepted in 2012 to bring together captains of industry and thought leaders to discuss and debate key issues affecting the Ghanaian economy and offer solutions to enhance the country’s economic development plans.
The forum remains the foremost creative force for engaging the country’s top business leaders in collaborative activities to shape the economic agenda.
For six years, the Ghana Economic Forum’s mission has been driven policies aimed at steering the country’s economy on the right path.
The event aims at bringing out new thinking and policy alternatives to help shape the country’s agenda for economic growth.
The theme for this year’s Ghana Economic Forum is: “Sustaining Financial and Economic Stability: the key Priorities”.