Successful external debt restructuring will help stabilize the cedi — BoG Governor

Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG) says Ghana's successful external debt restructuring will help stabilize the local currency.

Speaking at a joint press conference with the Finance Minister and the International Monetary Fund (IMF) on Monday, July 1, Dr. Addison outlined improvements in Ghana's economy, including falling inflation and growing foreign reserves.

"The improving economic fundamentals, the strong accumulation of foreign exchange reserves under the gold for reserve programme, and the agreement with the Official Creditor Committee and sovereign bondholders on debt restructuring, should all in concert provide the basis for stability in the exchange rate going forward,” he said.

He announced the central bank had already accumulated $917 million this year, exceeding IMF targets.

The Governor assured the central bank "will continue to work closely with the banks to ensure that they are well capitalised to deliver on their mandate to support growth."

If realized, the experienced economist a stable cedi would ease import costs fueling inflation.

Dr. Addison said "the rest of the year will be challenging but we will remain resolute...to ensure that the improving outlook is sustained."