The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, says recent data from other independent actors backs the argument that the economy is recovering.
“The exchange rate, which recently came under some pressure, has begun to stabilise as uncertainties surrounding the progress of debt restructuring negotiations with external creditors has been eliminated and the Bank of Ghana’s Gold Purchase programme overperformed,” he stated.
Dr. Addison noted a significant improvement in Ghana’s Gross International Reserves position.
“At the end of April 2024, the stock of Gross International Reserves increased to US$6.59 billion representing 3.0 months of import cover, compared with US$5.91 billion (2.7 months of import cover) in end-December 2023,” he announced.
He further said the central bank will continue to embark on strategic mechanisms to engage the small and medium-scale sector.
He, however, urged other industry stakeholders to be heavy on investments in the sector to increase the country’s exports.
“Let me also add that the Bank of Ghana recognizes the potential role of SMEs in Ghana and this light has commissioned a study in collaboration with the Development Bank of Ghana and the University of Ghana Business School to better understand the constraints of the SMEs to targeted policies to ensure growth,” he added.
The Governor assured that the BoG will continue to provide a comprehensive financial development programme that provides SMEs with financial and digital literacy training, as well as offers the opportunity for SMEs to obtain trusted digital credentials, enhancing their access to financial services and cross-border trade connectivity.
The Governor was speaking at the SME Growth and Opportunity Summit in Accra on July 16, 2024.