Prices To Stabilise - Governor of Bank of Ghana assures

The Bank of Ghana has confirmed a further stabilisation of the economy this year and given the assurance that adequate space will be created for businesses to plan.

Validating earlier projections by the government’s economic planners, the Governor of the bank, Mr. Kwesi Amissah-Arthur, said the economy will this year see a further reduction in inflation and interest rates and a general price stability that will help businesses to plan, grow and create more jobs.

“This year will be much better than the year gone by and we are very confident about this,” Mr. Amissah-Arthur said when he paid a courtesy call on the management of the Graphic Communications Group Ltd (GCGL) in Accra yesterday.

President J. E. A. Mills, as well as the Finance and Economic Planning Minister, Dr. Kwabena Duffuor had earlier affirmed the government’s success in stabilising the economy within its first year and targeted this year as one for growth.

The Governor, who was accompanied by the Head of Monetary Policy Analysis, Dr. Benjamin; Supervision and Head of Financial Stability, Mr. Franklin Belnye, said although Ghana suffered the secondary effects of the global economic crisis, the country has managed to put its house in order, stabilised prices and improved on the balance of payment position.

He said the bank is working seriously towards ensuring price stability by lowering inflation which will eventually secure the value of the cedi and reduce any form of financial hardships in the system.

For his part, Mr. Ibrahim Awal, managing Director of GCGL, called on the bank to partner the country’s leading media house to embark on extensive financial Literacy to help people to take informed financial decisions.

Source: Daily Graphic