The flagbearer of the governing New Patriotic Party (NPP) has lamented the heavy criticisms the central bank, the Bank of Ghana (BoG), encountered in its efforts to play its part in reviving the ailing economy.
The government sought a bailout from the International Monetary Fund (IMF) to support the country in stabilizing its economy and restoring fiscal and debt sustainability over the next three years.
Subsequently, the government embarked on a debt restructuring, wherein pensioners and bondholders received some ‘haircuts’ on their savings.
However, addressing the nation at the UPSA auditorium in Accra, the NPP flagbearer applauded the central bank for providing the necessary financing to the government at a time when the economy was on the brink of collapse.
“I must salute and give particular recognition to the Bank of Ghana, which has come under unfair criticism for taking the necessary measures which helped pull the economy back from the brink. The central bank provided needed financing to the Government at that critical moment. What the Bank of Ghana did was very responsible, in putting the interest of the good citizens of Ghana first,” he said.
Dr. Bawumia stated that the financing provided to the government by the Bank of Ghana was temporary, mentioning that the central bank has provided zero financing to the Government in five out of the last seven years.
“The data available shows that the financing provided to the Government by the Bank of Ghana was temporary. The Bank of Ghana has provided zero financing to the Government in five out of the last seven years (2017, 2018, 2019, 2021 and 2023). The Bank of Ghana’s financing to the government in the COVID-19 year of 2020 and liquidity crisis year of 2022 was because of a domestic and global crisis (underperforming domestic revenue and no access to international capital markets).”
He acknowledged that Ghanaians were hit by rising food prices, increased exchange rate depreciation, rising fuel prices, and rising transport fares, “But with calm leadership and the support and understanding of the good people of Ghana, we weathered the storm.”
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