Ofori-Atta defends BoG; says apex bank has been prudent and resilient amid macroeconomic challenges
Finance Minister, Ken Ofori-Atta, has come forward in defense of the Bank of Ghana, praising its prudent, strong, resilient, and efficient performance over the past year. He highlighted that this resilience had largely gone unnoticed until it was put to the test by unprecedented global events.
In an article titled “Standing Strong with the Bank of Ghana,” Ofori-Atta emphasized the remarkable growth in the central bank’s assets, which have expanded in tandem with the country’s financial sector and economy. Starting at ¢53 billion in 2016, the Bank’s assets had surged to ¢126 billion by the end of 2022.
The Finance Minister also pointed out the significant economic progress Ghana had achieved in recent years. The country’s total revenue had more than doubled since 2016, increasing from ¢32 billion to ¢96.7 billion by the end of 2022. Additionally, Ghana’s GDP had more than doubled, reaching an estimated ¢610.2 billion by the close of 2022. He noted that the number of active contributors to the Social Security and National Insurance Trust (SSNIT) had also increased from 1.3 million in 2016 to over 1.8 million in 2022.
Ofori-Atta further highlighted advancements in various sectors, including digitization, infrastructure development, the armed forces, police, education, agriculture (cocoa and Planting for Food and Jobs), health, and school feeding programs.
He acknowledged the challenges posed by macroeconomic volatility induced by factors such as pandemics and geopolitical events. Ofori-Atta noted that in such circumstances, fiscal and monetary policies played an active role in preserving the gains made in social mobility and economic freedom. He emphasized the importance of strong collaboration between the Ministry of Finance and the Bank of Ghana, especially between November 2019 and the present, in resetting the financial architecture and maintaining a robust economy.
The Finance Minister’s article underscores the government’s commitment to effective economic governance and resilience in the face of external challenges, positioning Ghana for sustained growth and development.
