Vice President Kwesi Bekoe Amissah-Arthur has challenged board members of the Bank of Ghana to assist the bank’s management to stabilise the economy and create conditions of economic growth for the benefit of the citizenry.

Mr Amissah-Arthur has also urged them to address inflation and access to credit challenges which he said remain the two major problems confronting the business sector.

Speaking at the inauguration of the newly constituted board of the central bank, Mr Amissah-Arthur said the independence which the amended Bank of Ghana Act grants the bank now places a huge responsibility on the board to deliver.

“The amended Act gives the board absolute control over the monetary policy process. … With great independence comes greater responsibilities,” Mr Amissah-Arthur said, adding: “We are expecting the new board to work with the management and government to stabilise the economy and help with economic growth so that our people will benefit from their work.”

“We hope that the new board will take it as a major responsibility to make sure the interest rate comes down and reduce the cost of doing business for especially small and medium-scale enterprises.”