Industry Watchers Confidence
The confidence in the former Deputy Governor of the Central Bank stems from his rich experience in Ghana’s financial sector, his balanced approach to monetary policy – a key policy consideration of Bank.
Despite the optimism, the task ahead is enormous as the country implements a US$3 billion Extended Credit Facility Programme with the International Monetary Fund (IMF).
The country has made significant gains since the implementation of the loan-supported programme, but debt and high interest rate.
High interest rates, stemming from high monetary policy rate and exchange pressures, are particularly important as Dr Asiama assumes office
Ensuring low interest rate and exchange rate stability will be beneficial to businesses, with rippling effects on individuals and households.
Such an economic situation will be critical in financial institutions, increasing loans to businesses, and even at affordable rates, with repayment also increasing.
It will also stimulate investment in the real sectors of the economy, including agriculture, energy, and manufacturing.
The impact will be improved economic growth, where citizens also enjoy better education, quality healthcare, and other social services.
We, therefore, implore the Governor not to lose sight of the prevailing economic situation amidst the IMF programme, rather continue with existing reforms and innovative to solve the challenges in the financial sector.
Doing so requires creating a conducive environment for all workers at the Central Bank, tapping into the experience of people in industry and academia as well as the Ministry of Finance.
The Governor should be bold to implement reforms in the interest of the good people of Ghana and not to satisfy a political interest and be speak truth to power when necessary. Economic stability is a collective responsibility, but the role of the Bank of Ghana can not be overemphasised. The Governor should, therefore, trek cautiously amidst the high expectations of Ghanaians for a better economy as the government embark on a reset agenda.
