The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has Ghanaians have not given managers of the country’s economy a lot of credit.
Dr Addison said there has been a lot of noise despite efforts of the government in achieving macroeconomic stability.
Speaking during a panel discussion at the Ghana Investment and Opportunities Summit in London, UK on Tuesday (6 June), the Governor of the BoG said: “It is important for us to understand where we are coming from…”
He said: “I think that we haven’t given ourselves a lot of credit. It’s been a lot of noise in Ghana on the macro but if you go back between 2017 and 2019 we made a lot of progress in bringing inflation down.”
“We’ve made a lot of progress in terms of fiscal consolidation and in bringing stability to the currency. And even in the COVID year despite that large fiscal deficit which came because of the invention regarding COVID, we still had inflation low…” he added.
“…I think that we have reached a point where one can say that the vicious cycle is behind us…and one should expect inflation to fall sharply in 2023,” Dr Addison added.
The Ghana Investment and Opportunities Summit, which is the third in the series, is aimed at bringing together delegates from the international investor community, venture capitalists and private equity fund managers amongst others for in-depth discussions and the exploration of viable bankable investment opportunities within various sectors of the Ghanaian economy as well as matching local businesses with international partners.
The two-day event is expected to attract over 800 delegates, including 200 corporate industry captains, about 40 speakers, and over a hundred million deals to be sealed amongst business-to-business sessions.
The summit seeks to target international investors, various corporate organisations, government institutions as well as the general public in Ghana and Europe and the diaspora.
It is under the theme: ‘Post-COVID recovery, Opportunities for the Investor’.
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