Bank of Ghana emerges best the central bank in Africa

Central Banking Awards, a global awards scheme has recognised the Bank of Ghana as the Central Bank of the Year.

Central Banking Awards names Bank of Ghana as the central bank of the year

This follows measures it pursued in a bid to ensure a strong financial sector via a raft of reforms implemented over the past two years.

The awards which will be held on March 19, 2020, in Brussels, Belgium, said the bank has an impressive record of achievement, but the most notable is its reform of a seriously undercapitalised and poorly managed banking sector.

“The central bank has dealt with this complex set of risks, which could have caused serious damage to the country’s economy.”

The scheme said this in a post it published for the event.

According to the post, while the standout feature for the Bank of Ghana during the last three years has been reforming the country’s banking sector, its performance in other fields has also impressed some outside observers.

It noted that the Governor of the BoG, Dr Addison’s predecessors faced the problem that the previous Ghanaian government had been resorting to monetary financing while adding that the international donors helped to push the government away from this device.

“Under Addison’s predecessor but one, Henry Kofi Wampah, the Bank of Ghana had hiked policy rates in order to deal with rapidly rising inflation. Tighter monetary policy, almost certainly reinforced by the reforms of the government’s fiscal approach, meant that the most recent bout of runaway annual inflation peaked in 2016,” the post stated.

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