The Bank of Ghana (BoG) foresees a further alleviation of inflation in 2024, buttressed by the sustained implementation of sound policies, with the aim of firmly anchoring inflation expectations towards the single-digit target.

A significant positive shift has been noted over the past year, witnessing a substantial reduction in inflation from approximately 54 percent to 23 percent by the conclusion of 2023.

In a concise statement following the successful completion of the First Review of the Extended Credit Facility (ECF) Programme with the International Monetary Fund (IMF) on January 19, 2024, Governor Dr. Ernest Addison underscored the central bank's unwavering commitment to monitoring both domestic and external developments.

The primary objective is to respond judiciously, ensuring the sustainability of the recent decline in inflation without compromising economic growth.

Dr. Addison highlighted the favorable experience of 2023, marked by a noteworthy reduction in inflation and heightened economic growth.

Shifting focus to the banking sector, he reassured stakeholders that it remains robust, liquid, and profitable. The Bank of Ghana is set to closely monitor banks' initiatives for capital restoration, especially in light of the impact of the Domestic Debt Exchange Programme (DDEP).

Anticipating early recapitalization, Dr. Addison emphasized its potential to fortify the resilience of the banking sector and facilitate effective financial intermediation, contributing significantly to macroeconomic recovery.

Discussing the completion of the First Review of the ECF Programme, Dr. Addison stressed the imperative of sustained vigilance and commitment throughout 2024 to implement the envisioned structural reforms.

While acknowledging the challenges ahead, he expressed confidence in the ongoing economic recovery process.

He underscored the critical importance of executing necessary structural reforms to support a more efficient functioning of the economy, ensuring its long-term sustainability.

Looking ahead, he urged the country to prepare for the second review of the program and highlighted the pivotal role of structural reforms in achieving a well-functioning and sustainable economy.

“Let me say that in all these matters, as I have always admonished, it is good for the mining companies, and the Chamber to carry the communities along.

“What I can assure you is that the government is fully committed to providing adequate security for your concessions. Because it is when your concessions are safe that you can work in peace to support the government. So, whatever we need to do is to ensure that your concessions are safe…..we will do it”, he explained.

“And in this regard, I will continue to count on the leadership of the Chamber. If there are specific or special cases we need to deal with let us know and we will take the necessary steps to deal with them”, he added.