BoG expresses commitment to a flexible exchange rate regime – Asiama

The Bank of Ghana has expressed its commitment to a flexible exchange rate system backed by strong economic policies to support business growth.

This is an assurance by the Governor of the Bank of Ghana, Dr. Johnson Asiamah.

Speaking at a high-level thought leadership event by the Ghana Association of Banks and Absa Bank on the topic ” Banking the last mile,” the Governor said the Central Bank is not interested in any rigid exchange rate targeting or predetermined value of the local currency.

“We are not pursuing any rigid exchange rate target or predetermined band. None of those, the Bank of Ghana remains committed to a flexible exchange rate regime.  One that is anchored in fundamentals, responsive to shocks and supported by credible policy tools”.

“We remain vigilant and fully prepared to act in a timely and measured manner to preserve orderly market conditions and safeguard the broader macro-economic stability that is necessary for financial innovation and inclusion to thrive,” he assured.

Meanwhile, reacting to the recent Fitch upgrade of the country’s sovereign rating, Dr. Johnson Asiama noted that the upgrade is a testament to the progress made so far and great work being done on the local currency and the economy as a whole.

In his welcome address, Managing Director of Absa Bank, Ghana, Edward Botchway, urged managers of the financial sector to implement policies that will effectively regulate their digital operations to boost confidence in the sector.

“We need to self-regulate; we need to ensure that we believe in managing and controlling this process as effectively as we possibly can in the interest of the customer”.

“Now, as customers, we must get the education required in the midst of all of these factors, among all the various players who claim to be working for our good as customers…that urgent need to contribute yourself to ensure that you are not taken advantage of, to ensure that you are dealing with players that have been duly licensed”, he added.

The event by the Ghana Association of Banks, in collaboration with Absa Bank, was themed “Banking the Last Mile: Is an Industry-Led Strategy for Accelerating Digital Finance”. It was a high-level thought leadership event aimed at advancing digital financial inclusion in Ghana.

The event convened leaders from the banking industry, fintech sector, regulatory bodies, and public policy institutions to explore how digital finance can reach underserved communities more effectively.                 

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