President Nana Akufo-Addo has lauded the central bank on its recent award as the African Central Bank of the Year 2019.
According to the president, the award was proof of the “excellent work” by the Governor of the Bank of Ghana, Dr Ernest Addison, in reforming the financial sector.
In a series of tweets, he wrote:
“I extend warm congratulations to the Bank of Ghana on being adjudged African Central Bank of the Year for 2019. 1/3”
“This is in recognition of the excellent work undertaken by the Governor and officials of the Bank in reforming Ghana’s banking sector, and also for the emphasis they have placed on the growth of digital infrastructure. 2/3”
The Bank of Ghana (BoG) was named the African Central Bank of the Year for 2019 following impressive achievement in reforming the Ghanaian banking sector.
A research carried out by some of officials of the award scheme revealed that the BoG has an impressive record of achievement, but the most notable is its reform of a seriously undercapitalised and poorly managed banking sector.
“The Bank of Ghana has an impressive record of achievement, but the most notable is its reform of a seriously undercapitalised and poorly managed banking sector. The central bank has dealt with this complex set of risks, which could have caused serious damage to the country’s economy”, the report emphasised.
It, however, noted in the report that the central back still faces challenges on multiple fronts stating;
“The banking sector also has to digest a large proportion of non-performing loans, and IMF officials have called for closer regulation of the country’s non-bank finance sector. But the performance of the central bank during the past three years indicates the institution is well placed to meet such challenges.”
Akufo-Addo, however, expressed confidence that there are more positive outcomes from the BoG.
“Ayekoo, and I am confident that the best days of the Bank, and, indeed, of Mother Ghana, herself, lie ahead. 3/3”