Acceptance speech by Governor of Bank of Ghana, Dr Ernest Addison

Members of the Central Banking Team,
Fellow Award Recipients,
Distinguished Guests,
Ladies and Gentlemen.

It is a great privilege for the Bank of Ghana to be named the Central Bank
of the Year, and I thank the team at Central Banking for the honour done
us. This award reflects our vision to build a central bank of excellence that
is well-respected by stakeholders, and further strengthens our resolve to
continue to implement sound monetary and financial sector policies.

The successful execution of our Monetary Policy and the Financial sector
reforms and subsequent turnaround in the economy, which this Award
duly recognises, has been due to the hard work of the whole Bank of
Ghana team comprising Management, the Board and staff.

Let me mention the support I got from my very able and efficient deputies, and heads of departments. The Bank also received invaluable support from
the Monetary Policy Committee, and other key collaborative institutions,
including the Ministry of Finance and the Economic Management Team,
in the pursuit of its policies and programmes.

It is fair to say that the three years of policy reform has firmly positioned
Ghana’s economy to withstand the headwinds arising from the COVID-19
pandemic. Tight monetary policy stance helped reduced inflation
significantly and maintained in single digits and well within the Banks
target range, and a well anchored exchange rate stability.

We also successfully concluded three years of banking sector reforms, which saw an increase in the minimum capital requirements, clean-up of the financial sector by revoking licences of weak and insolvent institutions, and a revamp of the regulatory framework to stabilise and strengthen the
sector. Our banks are now well capitalised, liquid, solvent, and resilient to
liquidity and credit risk and well positioned to support Ghana’s economic
growth agenda.

On this note, and with humility and profound gratitude, I accept this
award on behalf of the Board, Management, and Staff of the Bank of
Ghana. Thank you all for sharing in the vision to ensuring macroeconomic
stability and establish a stable, sound, and resilient banking sector to
support the country’s growth and development agenda. I am hopeful that
we will continue on this path and consolidate the far-reaching gains of
macroeconomic and financial stability in Ghana.

Thank you very much.