The Governor of the Bank of Ghana, Dr. Ernest Addison, is optimistic that the proposed debt exchange program to restructure the country’s debt will bring some confidence and restoration into the economy.
This move he describes as necessary due to the economic downturn affecting many individuals and businesses.
Dr. Addison speaking at the Annual Bankers Dinner in Accra, part of the Bankers Weeks celebration by the Chartered Institute of Bankers Ghana, said the proposed debt exchange program by the government is an important move that will help strengthen the banking sector amid the economic challenges.
“To guarantee debt sustainability over the medium term, a debt exchange operation is proposed to be undertaken to support the consolidation agenda. I think that the information provided should give us a broad level of confidence that the fiscal measures as well as the debt operations will help us foster confidence, improve our debt metrics, and complement what we have been doing in the monetary policy to bring down pressures in the pricing levels”.
The Governor of the Central Bank, also said the banking sector lost some reserves as a result of some pressures on the local currency, hence the decision to introduce the domestic gold-buying policy.
Benjamin Amenumey, President of the Chartered Institute of Bankers, expressed displeasure over the high cost of doing business by banks and the country and hinted that members are adopting new measures to overcome the challenge.
The annual event forms part of a platform for bankers to engage and take stock of happenings in the industry for the year and forge ahead.
Pulse
