Vice President Dr Mahamudu Bawumia commended the Bank of Ghana (BoG) for its prudent measures rolled out in efforts to stabilize the Ghanaian economy during the COVID-19 pandemic.
Delivering an address to Ghanaians on February 7, 2024, the Vice President noted that BoG was very instrumental in bringing the economy back on track after the pandemic hit the shores of the country.
He noted that the institution had been unfairly criticized despite its pivotal role in pulling the economy back from the brink.
“I must at this stage salute and give particular recognition to the Bank of Ghana which has come under unfair criticism for taking the necessary measures which helped pull the economy back from the brink,” he said.
Dr. Bawumia particularly lauded the BoG for prioritizing the interests of Ghanaian citizens and providing necessary financing to the government during critical moments.
“BoG provided needed financing to the government at that critical moment. What the BoG did was very responsible in putting the interest of the good citizens of Ghana first,” he added.
Dr. Bawumia emphasized that the data available clearly demonstrates the temporary nature of the financing provided by the BoG to the government, with zero financing recorded in five out of the last seven years, including 2017, 2018, 2019, 2021, and 2023.
Highlighting the context behind the BoG’s financing of the government during specific periods, Dr Bawumia pointed to domestic and global crises, such as the COVID-19 pandemic in 2020 and the liquidity crisis in 2022.
These challenges, coupled with underperforming revenue and limited access to international capital markets, necessitated support from the BoG to sustain the economy during turbulent times.
“The data which is available shows that the financing provided to the government by the Bank of Ghana was temporary. The Bank of Ghana has provided zero financing in five out of the last 7 years. Zero financing in 2017, 2018, 2019, 2012 and 2023.
“The BoG financing of the government in the COVID-19 year of 2029 and the liquidity crisis year of 2022 was because of the domestic and global crisis with underperforming revenue and no access to international capital markets. Ladies and gentlemen, the good news is that the data shows that the economy is recovering from the crisis we faced,” he added.