The Bank of Ghana says it is working assiduously to ensure the country’s economy regains stability sooner than later.
This is to ensure that the prices of goods and services remain stable or low, as well as a steady foreign exchange regime that will drive down the cost of doing business and living.
Speaking on behalf of the Governor of the Bank of Ghana at a programme organised by the Institute of Statistical, Social and Economic Research to improve access to digital financial platforms, Head of Research, Philip Abredu-Otoo, said the Central Bank is using other strategies including moral suasion to get financial institutions lend to businesses in these trying times.
“Our economy has been one of the best before COVID-19. But the virus has affected it such that we were recording low growth. However, even with this, Ghana could boast of a positive growth when other countries were contrasting.”
“Unfortunately when the economy was picking up again, then comes the Russia invasion of Ukraine which has affected the macroeconomic performance again”, he said.
Mr. Abredu-Otto added that “at the moment, the Bank of Ghana is working hard to ensure that we return the country to a stable macroeconomic stability. The Central Bank is also using other means like moral suasion to get institutions that we regulate to support businesses in a way to revive their operations” he noted.
The Institute for Social Statistical and Economic Research (ISSER) is undertaking a research to support women entrepreneurs in the digital financial ecosystem.
The move which is backed by the Bank of Ghana will make a policy intervention to government in providing a sustainable means in which women can improve their use of digital channels without any challenge.
Speaking to Joy Business after the launch, Director at ISSER, Professor Peter Quartey, said women led businesses have become integral part of the country’s economy, hence the need to improve upon their access to digital channels.
The Bill and Melinda Gates Foundation sponsored Retail Finance Distribution(ReFIND) Research Initiative which is a four-year multi-million-dollar research aimed at deepening digital financial inclusion and improving women’s access to financial services in low-and middle-income countries.