Story by Dickson Rahman Boadi
Alhaji Salamu Amadu has commended the governor of Bank of Ghana(BOG) Dr. Ernest Addison for the bold step he took to help stabilise the financial sector in the wake of the Coronovirus pandemic.
On his Facebook post, Alhaji Salam commended the Central Bank and its head for their initiative.
“Desperate times ask desperate measures,” wrote Alhaji Salam on his facebook page.
“I salute you Dr. Ernest Kwamina Yedu Addison Governor Of Bank Of Ghana . Ghana is first in Sub-Saharan Africa to cut rates to mombat (the) virus.”
Ghana became the first sub-Saharan African country to cut interest rates in response to the coronavirus pandemic, reducing its benchmark to an eight-year low.
The monetary policy rate was reduced to 14.5% from 16%, the first cut since January 2019, the Bank of Ghana said in an emailed statement on Wednesday. The Monetary Policy Committee was originally scheduled to announce its decision on March 23.
Growth in gross domestic product could decline to 5% and could even slow to 2.5% in a worst-case scenario, said the central bank. The International Monetary Fund’s most recent growth forecast for Ghana was 5.6%.
Afro Arab Microfinance is one of the few financial institutions that survived the Bank of Ghana’s stringent cleansing of the financial sector last year.
