The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has indicated that the advancements achieved in economic management are promising; however, he cautioned economic managers against complacency.
He noted that the global economy continues to be unpredictable, and occurrences outside our borders can still have repercussions for us.
“This is why the Bank of Ghana will persist in making decisions that safeguard the value of the cedi, maintain low inflation, ensure financial stability, and promote sustainable economic growth,” he stated during a stakeholders’ meeting in Sunyani.
He further remarked, “Our objective is straightforward: to foster an economic environment where businesses can thrive with assurance, households can plan for the future, and every Ghanaian can benefit from a stable and expanding economy.”
Dr. Asiama elaborated that Ghana’s external sector has shown resilience. The strong performance of gold and cocoa exports has contributed to Ghana achieving a higher trade surplus in the first half of the year.
Despite the rise in global oil prices leading to an increased import bill, he mentioned that Ghana continues to uphold robust foreign exchange reserves of approximately US$12.9 billion, sufficient to cover five months’ worth of imports.
“These reserves provide us with a solid buffer against external shocks and assist the Bank of Ghana in maintaining stability in the foreign exchange market,” he explained.
He also noted that the cedi faced some pressure earlier this year due to global events, particularly the conflict in the Middle East, but it has since shown signs of recovery.
“We remain dedicated to ensuring an orderly and efficiently functioning foreign exchange market.”
