Wednesday, 10 April 2013

President Mahama urges Bank of Ghana to reduce interest rates

President John Mahama , who was swearing-in the Bank of Ghana's new governor, Dr Henry Kofi Wampah, urged the bank to reduce interest rates, return inflation to single digits and stem the dollarisation of goods and services.

At the 4 April swearing-in ceremony, President Mahama declared the government's determination to work with the governor to reduce interest rates and make the cost of borrowing easier for the private sector. He said, “The cedi remains relatively stable, but we need to do more to ensure that we protect that stability so that the cedi operates in a predictable manner both in the interest of the economy and for foreign investors.” He went on to say, “We must continue to index prices in the Ghana cedi. The dollar and other foreign currencies are a means of international exchange and trade, and are not supposed to be the indicator of what currency prices we have.”

Dr Wampah pledged to consolidate present gains and accelerate Ghana's transition to higher middle-income status. Wampah has been the acting governor since former governor and current Vice President Kwesi Amissah-Arthur joined Mahama as his running mate for the 2012 election campaign.

For more news and expert analysis about Ghana, please see Ghana Politics & Security.

© 2013 Menas Associates

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