"BoG Board outlines steps to revert Central Bank to positive equity position"

" BoG Board outlines steps to revert Central Bank to positive equity position \r\n\r\nThe Board of the Bank of Ghana, in a bid to fortify the Central Bank's financial position amidst favorable macroeconomic conditions and return the Bank to a positive equity position, has unveiled a suite of strategic measures aimed at ensuring long-term sustainability and resilience.\r\n\r\nEmphasizing the imperative of rebuilding a positive equity stance over the medium to long term, the Board has articulated a steadfast commitment to refraining from monetary financing of the Government of Ghana's budget.\r\n\r\nThis resolve, enshrined in the Memorandum of Understanding forged with the Ministry of Finance in April 2023, underscores the Bank's dedication to upholding fiscal prudence and averting potential inflationary pressures.\r\n\r\nIn tandem with its commitment to fiscal discipline, the Bank further remains focused on optimizing its operational efficiency and bolstering profitability. Through the continued refinement of its investment portfolio and the judicious management of operating costs, the institution seeks to enhance its financial resilience and augment its capacity to navigate the ever-evolving economic landscape.\r\n\r\nCentral to the Bank's strategic agenda is the pursuit of early recapitalization, a mission that enjoys broad consensus among key stakeholders, including the Ministry of Finance and the International Monetary Fund (IMF).\r\n\r\nIn the wake of extensive deliberations stemming from the second review of the ongoing IMF program, culminating in April 2024, the Bank is poised to finalize a Memorandum of Understanding with the Ministry of Finance to delineate the roadmap for recapitalization. This concerted effort underscores a collective commitment to fortifying the Bank's equity position and bolstering its capacity to withstand future financial exigencies.\r\n\r\nLooking ahead, the Board envisages that the steadfast implementation of these policy imperatives, in conjunction with a commitment to fiscal rectitude, the maintenance of a rigorous monetary policy stance, and the pursuit of critical structural reforms, will underpin continued operational efficiency and the existence of the Bank of Ghana for the foreseeable future.\r\n\r\n "

"BoG Board outlines steps to revert Central Bank to positive equity position"

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