The Bank of Ghana is rejecting claims by investment banker Togbe Afede XIV its policy measures have led to high-interest rates in the country.

This was captured in a statement issued by the Research Department of the Bank of Ghana.

The Research Department of the Bank of Ghana in a press release noted that claims by the investment Banker, that the Central Bank has lost focus, can best be described as unfounded and inaccurate.

The Bank of Ghana maintains that it has kept to its main focus of inflation targeting which has gotten, results in recent times.

The Bank maintained that this program has over the years had rather led to some significant reduction in the inflation rate, which has fed into policy rate reduction, significant, until recent times.

The Bank also argues that some of its policy measures had also helped in stabilizing the Ghana cedi in recent times, and that can not in any way be linked to the Central Bank losing focus. 

On claims that the Bank of Ghana is rather competing with private banks for profit and it should be blamed for the current interest rate in the country also as false. 

The Bank of Ghana argues that it will normally not react to some of these things, but it maintains that it is important to set the record straight on some of this stuff, just for the sake of records.

In their statement, the Bank of Ghana noted that “we believe it is disingenuous on the part of anyone who tries to shift the focus away from the real structural issues that have challenged the lowering of lending rates in 6 Ghana and the progress the Bank of Ghana has made and continues to make in this particular area, and rather use biased analysis to shift the blame to the central bank and the commercial banks.

“This is doing a huge disservice to the policy discourse that is currently ongoing to find a way to address these structural bottlenecks and the legacy of years of macroeconomic mismanagement, as we try to build back better from the impact of the pandemic.”