The Governor of the Financial institution of Ghana (BoG), Dr. Ernest Addison has suggested state authorities to start wanting on the standards set out for the Worldwide Financial Fund (IMF) third evaluation after the profitable second evaluation.
He cautioned that any try and decelerate in assembly benchmarks may derail the efforts and have an effect on the third evaluation which is essential since it’s nearer to the top of the 12 months.
Dr. Addison made the decision throughout a joint press convention with the Ministry of Finance and the IMF.
“With a profitable conclusion of the second evaluation, we have to start to consider the third evaluation of the programme and past and reap the benefits of the reform momentum”, he mentioned.
He acknowledged that steadfastness and dedication shall be wanted from now until the top of the 12 months to see by way of all of the structural reforms envisaged underneath the programme, together with the signing of the Memorandum of Understanding between the Ministry of Finance and the Financial institution of Ghana on the recapitalisation of the central financial institution.
This, he mentioned will strengthen the central financial institution’s credibility to successfully ship on its reforms.
“I have to at this level say that on a year-to-date foundation (June 27), the Financial institution has accrued US$917 million, forward of the $463.8 million IMF programme targets”.
Dr. Addison identified that the Financial institution of Ghana will proceed to work carefully with the banks to make sure that they’re nicely capitalised to ship on their mandate to assist progress.
“Plans to recapitalise the banks are being applied to strengthen monetary stability. Many of the banks, nevertheless, are nicely forward of their recapitalisation plans and we’re assured that the sector will proceed to stay sound, liquid and worthwhile”, he mentioned.
Concerning different macro-economic indicators, Dr. Addison noticed that inflation continues to be excessive at 23.1 % relative to the end-year goal of 15±2 %, regardless of the sharp enchancment.
“The remainder of the 12 months shall be difficult however we’ll stay resolute, working with the Ministry of Finance and the IMF to make sure that the enhancing outlook is sustained. We need to thank all stakeholders who’ve labored with us collaboratively to get us so far, he assured.