Bank of Ghana’s MPC meets to assess the economic impact of COVID-19

The Bank of Ghana’s (BoG) Monetary Policy Committee will meet from today (Wednesday, March 18, 2020) to assess the impact of the coronavirus pandemic on the domestic economy.

Dr. Ernest Y. Addison, Governor, Bank of Ghana (BoG)

This is to help the BoG to implement the needed measures to mitigate the impact of the pandemic on the financial and economic stability of the country.

A statement issued by the BoG said: “the Committee’s assessment of the situation and interventions shall be communicated accordingly on Monday, 23rd March 2020.”

Meanwhile, the Central Bank has asked all Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureaux, to activate their business continuity and disaster recovery plans proportionate to the current circumstance, and to review these plans as the situation changes.

The BoG asked all financial institutions to ensure that all Banking Halls, Automated Teller Machines (ATMs), Counting Machines and other relevant equipment are sanitized on a regular basis.

The financial institutions are also to ensure that their staff and customers comply with the social distancing practice and also provide critical and front line staff with protective equipment and gears such as gloves, face masks among others.

“The Bank of Ghana has been following the news and developments of the outbreak of the COVID-19 Pandemic. Not only has the life-threatening nature and rapid transmission of this disease been felt globally, it’s a significant impact on the global economy is also being felt, especially in advance economies. Central Banks in these jurisdictions, have taken measures to mitigate the negative impact of the Pandemic.”

The Central Bank also advised the public to desist from panic withdrawals, and banks and specialized Deposit-taking Institutions shall remain open to offer services to customers.

Ghana has so far recorded 7 cases of the disease in less than one week. Health officials and the government have described all 7 cases as imported since the infected individuals had travelled to either Europe or the USA over the past two weeks.

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