As the country finds ways of recovering from the COVID-19 pandemic and the on-going war between Russia and the Ukraine, the Bank of Ghana has assured that it will continue to provide strong policy support to promote domestic and regional economic growth recovery efforts.
This is according to the Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi.
Speaking at the 2022 edition of The Money Summit (TMS) organised by the Business and Financial Times, the deputy governor said the impact of the current happenings on the economy is critical thus the need to think outside the box – which includes deepening intra-African trade through the African Continental Free Trade Area (AfCFTA).
Mrs. Awadzi emphasised the need for governments across the continent to see prevailing global challenges as a wake-up call to come up with indigenous policies tailored to the needs of Africa.
“The pandemic and the recent geopolitical war has reinforced the role of prudent macroeconomic policies in positioning economies to better withstand economic shocks and global supply chain vulnerabilities. It is a wake-up call for the continent to think outside the box, build on our strengths and address our vulnerabilities now rather than later.
This will take the concerted efforts of all stakeholders – national and regional authorities, public sector and private sector, young and old – to change Africa’s economic story for good. Among other things, we should all work towards. On its part, the Bank of Ghana will continue to provide strong policy support to promote domestic and regional economic growth recovery efforts and the drive towards building a more resilient and self-sufficient Africa,” she noted.