Story: Mohammed Abu
Ghana’s two-day National Economic Dialogue has ended in the country’s capital City of Accra with recommendations bordering on a number of key issues
Monetary Policy
In other to strengthen monetary policy operations and effectiveness, it was recommended that coordination between the Ministry of Finance and Bank of Ghana be enhanced so as to ensure fiscal and monetary policy alignment. Then also, the Bank of Ghana should work with key stakeholders to integrate Fintech/liquidity transactions into overall banking sector liquidity system.
Foreign Exchange Markets
In other to improve the operation of foreign exchange markets, a review of the foreign exchange regime to support exchange rate stability as well as well as, strengthening the regulation of forex bureaus and eliminate illegal foreign exchange markets were recommended.
Banking and Financial System
For strengthening the banking system and financial intermediation, recapitalization of the Bank of Ghana, conduction of feasibility study and development of the regulatory framework for non-interest banking (Islamic financing), prioritization of the improvement of Ghana’s sovereign rating, the improvement of the efficiency of institutions relevant for perfecting collaterals and the limitation of political interference in the operations of the banks, were recommended.
President John Dramani Mahama in a Keynote address to open the two-day event on Monday, assured that he has the political will to see through all the reforms that would be proposed at the end of the National Economic Dialogue underway in Accra.
President Mahama said consensus building and consultation would be the hallmark of this administration because “I believe that all of us as Ghanaians have a role to play in the development of our dear nation”.
President Mahama said it was time to collectively build a resilient, competitive and robust economy that worked for all citizens.
“The time for transformation is now. Let us embrace our economic transformation and unlock the full potential of our beloved country. Let us work together to build a resilient, competitive and a prosperous Ghana,” President Mahama stressed.
Led by the President and held under the theme, “Resetting Ghana: Building the Economy We Want Together.” discussions centered on macroeconomic stability, economic transformation, infrastructure development, structural reforms, private sector growth, and governance.
President Mahama also stressed the importance of transparency in government procurement, calling for an end to the overuse of single-source contracts.
“Single-sourced procurement must be rare, not the norm,” he declared, signaling a policy shift towards competitive bidding and fiscal accountability.
Finance Minister Dr. Cassiel Ato Forson on his part, warned that, Ghana’s economic crisis is still unfolding and will require significant sacrifices from all citizens.
“The full length of the crisis is still unravelling by the day. The situation requires significant sacrifice from all of us,” he noted.
Dr. Forson also disclosed that almost all state-owned enterprises (SOEs) are in financial distress, from the Electricity Company of Ghana (ECG) to the Agricultural Development Bank (ADB).
The presenters, line-up included, Mr. Leslie Dwight Mensah, Prof. Ebo Turkson, Mrs. Abena Osei-Poku, Mr. David Ofosu-Dorte, Dr. Elikplim Kwabla Apetorgbor, and Mr. Franklin Cudjoe, who shared insights and policy recommendations.
The discussions were guided by expert moderators, including Governor of the Bank of Ghana under the erstwhile Kufour administration Dr. Paul Acquah, Dr. Edward K. Brown, Mr. Joe Mensah, Mr. Felix Addo, Prof. K. K. Sarpong, and Dr. Emmanuel Akwetey of Institute for Democratic Governance(IDEG).
Aimed at ensuring that diverse voices from the public and private sectors contribute meaningfully to shaping the country’s financial future, the dialogue centered on crucial thematic areas, including, Achieving Sustainable Macroeconomic Stability, Promoting Economic Transformation, Advancing Infrastructure Development Implementing Structural Reforms, Ensuring Private Sector-Led Growth and Restoring Good Governance and Combating Corruption
