Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has emphasized recent positive economic indicators indicating a recovery during his address at the SME Growth and Opportunity Summit in Accra on July 16, 2024.
The Governor pointed to data from independent sources supporting arguments for economic stabilization.
Addressing attendees, Dr. Addison highlighted the stabilization of the exchange rate following uncertainties related to debt restructuring negotiations with external creditors. He attributed this stability in part to the successful performance of the Bank of Ghana’s Gold Purchase program.
Regarding Ghana’s Gross International Reserves, Dr. Addison reported a significant improvement, noting that by the end of April 2024, reserves had increased to US$6.59 billion, providing a 3.0 months import cover, compared to US$5.91 billion at the end of December 2023.
Dr. Addison underscored the BoG’s commitment to supporting small and medium-sized enterprises (SMEs), acknowledging their crucial role in Ghana’s economy. He announced ongoing initiatives, including a collaborative study with the Development Bank of Ghana and the University of Ghana Business School, aimed at understanding SME constraints and formulating targeted policies to foster growth.
Furthermore, the Governor urged increased investment in the SME sector to boost Ghana’s exports, emphasizing the potential of SMEs in driving economic expansion and job creation. He assured stakeholders of the BoG’s continued efforts to enhance SMEs’ access to financial services and digital literacy training, thereby facilitating their integration into cross-border trade activities.
In conclusion, Dr. Addison reaffirmed the Bank of Ghana’s commitment to implementing comprehensive financial development programs that support SMEs, promote economic stability, and contribute to Ghana’s sustainable growth trajectory.