According to Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), recent evidence from other independent actors supports the claim that the economy is recovering.
Speaking on July 16, 2024, at the SME Growth and Opportunity Summit in Accra, the Governor maintained that the discussion should center on the data and how it is now stabilizing the situation.
“The exchange rate, which recently came under some pressure, has begun to stabilise as uncertainties surrounding the progress of debt restructuring negotiations with external creditors has been eliminated and the Bank of Ghana’s Gold Purchase programme over performed,”he stated.
Dr. Addison reported a notable improvement in Ghana’s Gross International Reserves position.
“At the end of April 2024, the stock of Gross International Reserves increased to US$6.59 billion representing 3.0 months of import cover, compared with US$5.91 billion (2.7 months of import cover) at end-December 2023,” he announced.
Dr. Addison went on to say that the central bank will keep implementing strategic plans to interact with the small- and medium-sized business community.
Nonetheless, in order to boost the nation’s exports, he urged other industry participants to make significant investments in the field.
“Let me also add that the Bank of Ghana recognizes the potential role of SMEs in Ghana and in this light has commissioned a study in collaboration with the Development Bank of Ghana and University of Ghana Business School to better understand the constraints of the SMEs to targeted policies to ensure growth,” he added.
The governor gave assurance that the Bank of Ghana will keep offering SMEs a comprehensive financial development programme that trains them in digital and financial literacy and gives them the chance to earn trusted digital credentials, which improves their connectivity to financial services and international trade.