The Governor of the Bank of Ghana, Dr. Ernest Addison has begged to differ from the 0.9 percent projected growth of the economy predicted by the Minister of Finance for the end of the year.

According to Dr. Ernest Addison, the country’s economic growth for the end of the year would pick up strongly more than the projected percent predicted by the Minister of Finance, Ken Ofori-Atta.

Dr. Ernest Addison at a Monetary Policy Committee meeting said that the rising deficit and total public debt stock which now stand at GH¢258 billion would all depend on the sector, hoping that the funds would be advanced, which could help stimulate growth.

Dr. Addison said that the forecast which will make the economy pick up stronger than the projected figure by the Finance Minister would be based on the country’s export earnings which are also picking up strongly.

Activities of the receiver of the defunct financial institutions

Touching on the activities of the receiver of the defunct financial institutions, Dr. Ernest Addison revealed that that the receiver appointed to liquidate some of the commercial banks have been able to realize GH¢2 billion.

With regards to payment, the Governor of the Bank of Ghana noted that more than 96 percent of the customers of the defunct Savings and Loans and Microfinance institutions have been paid. Dr. Addison was hopeful that the remaining funds would be paid soon.  

Ghana cedi and a half-year performance

The Governor of the Bank of Ghana has however assured of having the adequate reserves to support the local currency as the Ghana Cedi has witnessed some pressure in recent times.

“We have received a lot of resources in the first half of this year however, the outflows have also been very significant when you look at outstanding payments of non-resident outstanding bonds and this is really a question of net inflows,” Governor of Bank of Ghana expressed concern.