BoG Governor announces improvement in Ghana's economy

However, recent developments have shown signs of improvement, as reported by the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, during his address to the Public Accounts Committee of Parliament on Monday, April 8, 2024.

Dr. Addison attributed the economic recovery to various factors, including the augmentation of foreign exchange reserves. He expressed appreciation to Parliament for authorizing the addition of $300 million to Ghana's reserves, a measure aimed at strengthening the economy.

This move has helped improve the nation's foreign exchange reserve levels, which in turn supports the government in executing projects.

The BoG has also been working to combat financial crimes and sanitize the industry by urging the public to report suspected cases of money laundering and unexplained wealth.

This initiative aims to uphold the integrity of the country's financial system and address illicit financial activities that pose a threat to the stability and reputation of the banking sector.

The Central Bank has stressed the importance of collaborative efforts in identifying and addressing these issues. By working together, stakeholders can ensure the long-term stability and growth of Ghana's economy.