Economic crunch: Our policies and measures are working – BoG Governor

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has insisted that policies the bank is implementing to curb the current economic challenges in the country are working. According to him, the monetary policy the bank has been implementing has at least helped reduce the high rate of increases in inflation over the past few months. "In our view, this policy is working. One of the things we have focused on has been the monthly increase in the rate of inflation. If you look at the monthly changes in inflation there is some softening of the pace at which prices are rising. “That obviously suggests that there is at least some impact on the overall prices levels,” he told journalists after a monetary policy meeting in Accra. Also, Dr. Addison refuted suggestions by the World Bank that the Bank of Ghana is mainly responsible for the economic hardship in the country because it acted late, and also failed to put in place sufficient policies. Dr. Addison noted that Ghana is amongst the first countries to tighten its monetary policy rate, therefore, the World Bank's assertion that it delayed in doing so, hence the rise in inflation, is not acceptable. “They’re of the other view that the monetary policy tightening is the way to go. Except that we’re late by their assessment, which I also disagree with because if would recollect, we started this policy tightening as far back as November 2021. It wasn’t in January that we got locked out of the market,” Dr. Ernest Addison said. IB/BOG Watch the latest episode of BizTech below: