Ghana’s Economy Soaring: BoG Governor’s Positive Outlook

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has declared that Ghana’s economy is on an upward trajectory compared to previous years.

Previously, the economy had experienced a downturn, prompting the government to seek a $3 billion International Monetary Fund (IMF) bailout.

Nonetheless, during his address to the Public Accounts Committee of Parliament on Monday, April 8, 2024, Dr. Addison attributed the economic recovery to various factors, including the augmentation of foreign exchange reserves.

He pressed out an appreciation to Parliament for authorising the addition of $300 million to Ghana’s reserves, a measure aimed at strengthening the economy.

For the economy as a whole, I can tell you that things are improving, our foreign exchange reserve levels are improving. Thanks to Members of Parliament who recently approved a facility, so $300 million was added to our reserves.

“All of that strengthens our position to support you [government] in executing these type of projects.”

When queried about the possibility of payments being made to aid in the execution of ongoing projects, he said, “Rest assured that so long as the economy continues on the path that we are on, we should be able to help you [government] deliver.”

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