Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), has stated that recent data from independent sources supports the argument that the economy is recovering.
Speaking at the SME Growth and Opportunity Summit in Accra, Dr. Addison emphasized the importance of focusing on the numbers and how they indicate stabilization. “The exchange rate, which recently came under some pressure, has begun to stabilize as uncertainties surrounding the progress of debt restructuring negotiations with external creditors have been eliminated, and the Bank of Ghana’s Gold Purchase program has overperformed,” he said.
Dr. Addison also announced a significant improvement in Ghana’s Gross International Reserves position. “At the end of April 2024, the stock of Gross International Reserves increased to US$6.59 billion, representing 3.0 months of import cover, compared with US$5.91 billion (2.7 months of import cover) at the end of December 2023,” he said.
The Governor assured that the central bank will continue to implement strategic mechanisms to support the small and medium-scale sector. He urged other industry stakeholders to invest heavily in the sector to increase the country’s export.
Dr. Addison also mentioned that the Bank of Ghana has commissioned a study in collaboration with the Development Bank of Ghana and the University of Ghana Business School to better understand the constraints faced by SMEs and develop targeted policies to ensure growth.
The Governor concluded by assuring that the BoG will continue to provide a comprehensive financial development program that offers SMEs financial and digital literacy training, trusted digital credentials, and enhanced access to financial services and cross-border trade connectivity.
