Bank of Ghana (BoG) Governor Dr. Ernest Addison has expressed confidence in the economic outlook for 2024.

Speaking at the BoG’s end-of-year cocktail event, Dr. Addison highlighted his optimism, anticipating a "significant improvement in the operating environment for businesses" in the coming year.

He affirmed that the policy mix under the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG) is yielding positive results.

Dr. Addison noted that despite inflation reaching a peak of 54.1 percent in December 2022, it declined to 26.4 percent in November 2023, emphasizing that the high inflation in 2022 was a temporary anomaly.

He also pointed out improvements in the country’s external sector position, with the build-up of foreign exchange reserves contributing to forex market stability.

“As you are aware, there has been considerable noise from our detractors who have celebrated the high inflation recorded in 2022. Today, we are vindicated that inflation in 2022 was just a blip and we are quickly returning to where we were before the crisis,” he stated.

The Governor highlighted positive signals from high-frequency economic indicators, suggesting a likelihood of surpassing GDP growth projections for 2023.

He emphasized the evolving role of central banks in the face of global challenges and credited the economy’s progress to effective collaboration between the BoG and Ministry of Finance.

Dr. Addison reassured attendees about the stability of the financial sector, noting that banks’ profitability remained robust through October 2023, and the industry’s capital adequacy ratio exceeded the revised prudential minimum.

In November, the BoG’s Monetary Policy Committee (MPC) maintained the benchmark policy rate at 30 percent, citing indications of greater macroeconomic stability.

Finance Minister Ken Ofori-Atta also spoke at the event, highlighting achievements such as the establishment of the Consolidated Bank of Ghana and the Development Bank raising US$10 billion in Eurobonds.

He expressed confidence in continuing policies to ensure economic freedom and social mobility in 2024.