President Nana Akufo-Addo has sworn in 13 members of the new board of the Bank of Ghana.
At a short ceremony at the Jubilee House on Friday, the president thanked the board for the work done so far and charged the board to discharge their duties effectively.
The president however expressed concern about the high interest rates in the country.
Nana Akufo-Addo said the bank must interrogate the issue, particularly why its policy rate is about 13% but commercial banks lend at over 20% interest.
“I’ll use this occasion to bring into focus a matter of great importance for the rapid growth of our economy, that is to urge the banks to interrogate the issue of high interest rates in Ghana and how the problem should be addressed to enhance the competitiveness of the private sector.”
“It is surely not right that the Central Bank’s Monetary policy rate stands at 13.5%, whilst the commercial banks lend to the private sector at rates of 21% and above. This is a gap we have to breach if we are to realize the vision of Ghana, whose economy is globally competitive. I believe the Bank of Ghana is best placed to lead this process of reflection and action,” the President said.
The new board is chaired by Dr. Ernest Addison, the Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, Mrs. Elsie Addo Awadzi, Second Deputy Governor of the Bank of Ghana, and Mr. Charles Kofi Adu Boahen, Minister of State at the Ministry of Finance.
Other members of the board include Dr. Kwame Owusu-Nyantekyi, Dr. Samuel Nii-Noi Ashong, Mr. Jude Kofi Bucknor, Mr. Joseph Blignam Alhassan, Mr. Andrew Adinorte Boye-Doe, Mrs. Comfort Ocran, Dr. Regina Adutwum, Ms. Angela Kyerematen-Jimoh and Professor Eric Osei Assibey.