Dr. Ernest Addison, the governor of the Bank of Ghana, has expressed optimism that the proposed debt exchange scheme to restructure the nation’s debt will boost economic confidence and strengthen the current monetary policy to contain inflation.
He claims that the economic hardship, which are affecting numerous banks, have made this unavoidable.
Due to this, borrowing money and conducting business in the nation now carry hefty costs.
Speaking at the Chartered Institute of Bankers Ghana’s Annual Bankers Dinner, a part of Bankers Weeks celebration, Dr. Addison said the government’s proposed debt swap scheme is a significant step that will strengthen the banking sector in the face of economic concerns.
“To guarantee debt sustainability over the medium term, a debt exchange operation is proposed to be undertaken to support the consolidation agenda.
I think that the information provided should give us a broad level of confidence that the fiscal measures as well as the debt operations will help us foster confidence, improve our debt metrics and complement what we have been doing in the monetary policy to bring down pressures in the pricing levels”.
The annual event forms part of a platform by bankers to engage and take stock of happenings in the industry for the year and forge ahead.
As the Guest of Honor, he further stated that the banking industry lost some reserves as a result of some pressures on the local currency, which was why the decision was made to implement the domestic gold buying strategy.
Benjamin Amenumey, president of the Chartered Institute of Bankers, expressed concern over the high cost of doing business for banks and the nation and hinted that members are implementing new strategies to address the issue.
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He made a suggestion that the Chartered Institute of Bankers, Ghana will publish a book to document events in the sector during the course of the organization’s first 60 years.
“I am pleased to announce that the Chartered Institute of Bankers, Ghana will celebrate 60 years in 2023.
We are creating a book to capture and preserve the history of the Institute’s evolution from its inception to the present as part of the activities to commemorate the Institute’s existence. This will enable us to thank the outstanding foundation.
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