GHANA CEO FORUM: BOG ASSURES BUSINESSES OF MONETARY STABILITY

追加: 2026-06-02

[00:00:03][music] >> The governor of the Bank of Ghana, Dr. Ernest Addison says the country's business executives are the architect of economic growth and should deploy more capital to drive economic growth. The central bank chief was speaking to a gathering of top executives at the Ghana CEO forum in Accra where he reviewed recent monetary policies of the financial regulator and assured them of the financial system's stability.

[00:00:28]>> It demands a bold and decisive leadership, coordinated policy actions, technological innovation, institutional resilience, and above all, public confidence in the institutions that are entrusted with managing the economy.

[00:00:51]Yet, within these challenges lies a unique opportunity.

[00:00:56]An opportunity to move beyond aspiration and translate our national vision into practical action and measurable outcomes.

[00:01:07]Outcomes that improve livelihoods, outcomes that strengthen businesses, and outcomes that restore confidence across the economy.

[00:01:21]Ladies and gentlemen, macroeconomic stability is the bedrock upon which every successful economy is built.

[00:01:30]A stable macroeconomic environment characterized by low and predictable inflation, as well as stable exchange rate, it provides the confidence that businesses need to invest, to expand, and to create jobs.

[00:01:50]Without price stability, businesses cannot plan.

[00:01:55]Without exchange rate stability, investors, just like yourselves, hesitate.

[00:02:02]Without confidence in economic management, long-term capital long-term capital will retreat.

[00:02:13]So, the mandate of the Bank of Ghana is therefore not merely a technical one.

[00:02:18]We see it as fundamentally developmental.

[00:02:25]Over the past several years, the bank has had to navigate exceptionally difficult conditions.

[00:02:32]And as you remember, inflation surged, fiscal pressures intensified, global financing conditions tightened, and market confidence weakened.

[00:02:47]These developments exposed structural weaknesses and underscored the importance of policy coordination, institutional credibility, and central bank independence.

[00:03:01]But we have responded decisively so far.

[00:03:06]Our monetary policy strategy has focused on restoring credibility, strengthening the monetary policy framework, rebuilding reserves, and stabilizing market expectations.

[00:03:22]Through disciplined policy implementation, inflation has moderated significantly.

[00:03:30]Exchange rate conditions have stabilized. Reserves Reserves have strengthened considerably, and confidence has rebounded in the economy.

[00:03:44]But stability must never be taken for granted.

[00:03:48]The recent geopolitical tensions in the Middle East It must remind us that the global environment remains highly highly uncertain.

[00:04:01]And again, this justify our strategy during last year to build greater amounts of international reserves.

[00:04:11]That is why we are able to stem the impact of the ongoing crisis even better than some of our peer countries.

[00:04:20]All because we built the reserves. We built resilience.

[00:04:32]Community price volatility, supply chain disruptions, and financial market uncertainty uncertainty.

[00:04:40]These continue to pose risks particularly for emerging economies such as ours.

[00:04:47]And this is why at the Bank of Ghana remains firmly firmly committed to a forward-looking and data dependent monetary policy framework.

[00:04:58]Our responsibility is not simply to react to events, but to anticipate risks, anchor expectations, and maintain conditions that support sustainable growth.

[00:05:12]To reinforce policy credibility, the bank has undertaken several reforms.

[00:05:19]First is that we have revamped our monetary policy framework.

[00:05:24]We have enhanced liquidity management operations to improve monetary policy transmission.

[00:05:31]We have strengthened reserve accumulation.

[00:05:35]And fourthly, we have improved transparency and accountability in policy making.

[00:05:43]These reforms are not merely technical adjustments. They are part of a broader broader institutional reset that is aimed at restoring trust, restoring predict- predica- predictability, and restoring resilience in economic management.

[00:06:05]Now, on financial stability, no economy can achieve sustainable transformation without a stable and resilient financial system.

[00:06:16]Financial stability is not an abstract concept that is reserved for regulators.

[00:06:22]It affects businesses seeking credit, entrepreneurs like yourselves that are pursuing expansion, households saving for the future, and investors that are evaluating risk.

[00:06:39]A stable financial system mobilizes savings efficiently.

[00:06:44]It allocates capital productively.

[00:06:47]It absorbs shocks, and it supports economic expansion.

[00:06:53]And again, this is why the Bank of Ghana has shifted towards a more proactive, forward-looking, and risk-sensitive supervisory framework.

[00:07:04]We are strengthening our ability to identify vulnerabilities early.