Enough liquidity available till IMF programme takes off – BoG Governor assures

Bank of Ghana Governor, Dr. Ernest Addison, has given assurance that the Central Bank has enough liquidity to keep the economy relatively stable till the anticipated IMF programme commences and other financing assurances expected from stakeholders. According to him, despite the ongoing economic challenges in the world and particularly in Ghana, measures are being adopted to ensure the central bank has some liquidity. “As we are all aware, we got the $750 million from the AfriExim Bank and on October 26, 2022, we receive the $790 million from the COCOBOD syndicated loan so the Central Bank has some liquidity”. “I am aware of the recent developments in terms of liquidity in the banking sector. As I said, I took note of the advice from Washington on the financial stability issue that there has to be targeted liquidity support to preserve financial stability without undermining the inflation control objectives. So, this is really the context we should have the discussion on all the complaints of we need liquidity and BoG not supplying liquidity." Dr Ernest Addison further said he has held engagements with Chief Executive Officers of banks to assure them there is enough liquidity which will be provided to them. “Yesterday I met the CEOs and I have assured them that we will provide the necessary liquidity to ensure that we don’t have a system of a liquidity problem. But we do that within the context of keeping inflation low”. The Governor made this statement when the management of the Bank met with stakeholders within the foreign exchange market, including the Managing Directors of the universal banks in the country. Also present at the meeting were the Association of Forex Bureau Operators to deliberate on measures to streamline, sanitise and provide clarity on the supply of forex in the country. MA/FNOQ Watch the latest episode of BizTech below: