Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said the Central Bank has enough dollars to keep things relatively stable till the anticipated IMF programme kick-starts and financing assurances expected from other partners also come in.
The Governor’s assertion is premised on the apex bank’s receipt of the $750m Afreximbank loan as well as the $790m Cocoa syndicated loan which hit the bank’s account this week.
“As we are all aware, we got the $750 million from the Afreximbank Bank and I think today [October 26] we are supposed to receive the $790 million from the COCOBOD syndicated loan so the Central Bank has some liquidity”.
“I am aware of the recent developments in terms of liquidity in the banking sector. As I said, I took note of the advice from Washington on the financial stability issue that there has to be targeted liquidity support to preserve financial stability without undermining the inflation control objectives. So this is really the context we should have the discussion on all the complaints of we need liquidity and BoG not supplying liquidity.
“Yesterday I met the CEOs and I have assured them that we will provide the necessary liquidity to ensure that we don’t have a system of a liquidity problem. But we do that within the context of keeping inflation low,” Dr Addison remarked.
IMF-Ghana Negotiations: Pathway towards fiscal sustainability extensively discussed – Finance Ministry
According to the Finance Ministry, a pathway towards the fiscal sustainability of the economy has been extensively discussed with the IMF.
In a statement issued on October 21, 2022, the Ministry noted a clear path towards the fine details of a programme has been agreed on by both the IMF and the Government of Ghana with both parties fully committed to the goal of reaching a Staff-Level Agreement on a programme within the shortest possible time.
Adding that negotiations with the IMF for a programme has been far advanced.
The Ministry however, added that, negotiations will continue with the IMF Mission Team expected in the capital in the next few weeks.
The Ministry in its statement, assured Ghanaians of continuing to work with a “fierce sense of urgency to stabilise the economy and place it back on a firm trajectory of growth.”
“We thank the people of Ghana for their forbearance in what is undoubtedly a troubling and challenging time for our economy,” the Ministry added.