Governor of the Bank of Ghana, Dr. Ernest Addison has said that his institution is ready to pursue the required structural reforms to restore the country's unstable economy, citinewsroom.com reports.

He highlighted the need for vigilance and dedication in adjusting the country's economic condition after the International Monetary Fund (IMF) approved the second tranche of $600 million.

“We are optimistic about the ongoing recovery process and would like to emphasize the importance of implementing the necessary structural reforms to support a better functioning of the economy,” he said.

He also said that the reforms will ensure the long-term durability of performance and that the Bank of Ghana will keep an eye on both domestic and global factors and react appropriately to maintain the declining inflation trend from last year.

“Having successfully completed the first review, we need to start thinking about the second review of the programme and beyond. While preliminary indications show good implementation of policies until December 2023, vigilance and dedication will be required in 2024 to carry out all the structural reforms planned under the programme.”

“Carrying out these reforms to make sure the economy works well will be crucial. I will finally say that even though we face a difficult year, we are confident about the ongoing economic recovery process and would like to highlight the importance of carrying out the necessary structural reforms to support better functioning of the economy. These structural reforms will be for ensuring the long-term stability of performance”, the Governor added.

Dr. Addison expressed hope for early recapitalization to enhance banking sector strength and effective financial intermediation to speed up macroeconomic economic growth.

“The banking sector is sound, liquid, and profitable. The Bank of Ghana will continue to monitor closely banks’ capital recovery efforts in accordance with approved plans including with support from the Ghana Financial Stability Fund, following the impact of the Domestic Debt Exchange Programme (DDEP),” he stated.

ID/BB

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