"BoG Pledges Coordinated Monetary-Fiscal Strategy With MoF for Sustainable Economic Growth"

" BoG Pledges Coordinated Monetary-Fiscal Strategy With MoF for Sustainable Economic Growth \r\n\r\nGovernor of the Bank of Ghana (BoG), Dr Ernest Addison, speaking at a joint press conference marking the end of the third review of Ghana's Extended Credit Facility (ECF) for 2023-2026 and a Staff-Level Agreement with the IMF, reaffirmed the central bank\u2019s commitment to a coordinated monetary-fiscal policy approach in collaboration with the Ministry of Finance.\r\n\r\nThe strategy, he noted, aims to promote sustainable economic growth while maintaining macroeconomic stability.\r\n\r\nDr. Addison emphasized that the BoG would remain focused on building foreign exchange reserves, targeting a minimum of three months' import cover. This effort, he noted, is supported by a robust external sector, bolstered by stronger gold production, higher remittances, and rising confidence in Ghana\u2019s economic outlook.\r\n\r\nThe central bank will also preserve exchange rate flexibility, a critical tool in managing the foreign exchange market and cushioning against external shocks.\r\n\r\n\"We are committed to exchange rate flexibility to help mitigate the impact of external shocks (sic),\" he added.\r\n\r\nConcluding his remarks, Dr. Addison stressed that the BoG will continue to closely monitor emerging risks, adjusting policies as necessary to ensure the country's price and financial stability.\r\n\r\n\"We remain vigilant in safeguarding our stability mandate and will ensure that we outperform the programme targets (sic),\" he noted, underscoring the bank\u2019s proactive approach to managing risks.\r\n\r\nAn International Monetary Fund (IMF) team, led by Mission Chief for Ghana, St\u00e9phane Roudet, has successfully reached a Staff-Level Agreement on the third review of the Extended Credit Facility with Ghana.\r\n\r\nThis agreement follows a series of meetings held in Accra from September 24 to October 4, 2024, where discussions focused on progress in reforms and the government\u2019s policy priorities.\r\n\r\nIn a statement, Mr Roudet stated, \u201cThe IMF staff and Ghanaian authorities have reached a staff-level agreement on the third review of Ghana\u2019s economic program under the Extended Credit Facility arrangement. This agreement is subject to IMF Management approval and Executive Board consideration. Upon completion of the Executive Board review, Ghana would have access to SDR 269.1 million (approximately US$360 million), bringing the total IMF financial support disbursed under the arrangement since May 2023 to SDR 1,441 million (about US$1,920 million).\u201d\r\n\r\n "

"BoG Pledges Coordinated Monetary-Fiscal Strategy With MoF for Sustainable Economic Growth"

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