MPC touts macroeconomic achievements
Adnan Adams Mohammed
The Bank of Ghana’s (BoG) Monetary Policy Committee (MPC) at the conclusion of its last meeting and assessment of the monetary policies regulations for the year remarked that macroeconomic conditions have generally improved within the last two months period relative to conditions at the time of the last MPC meeting in September 2020.
Without not being oblivious of other negative signals, the
MPC identified some key risks, which the evolution of the budget deficit and
the financing needs to support budget implementation and the uncertainty
surrounding the COVID-19 pandemic.
“Under the circumstances, the Committee has decided to
maintain the policy rate at 14.5 percent”, Dr Ernest Addison Governor of BoG
said at the last week MPC press conference.
Recently, the World Bank Country Director for Ghana, Pierre
Frank Laporte said the Government of Ghana must focus on ensuring
macro-economic establish post-coronavirus,
He explained that macroeconomic stability protects nations
from overspending and also slows debt loans maintenance.
Mr Laporte further stated that this will further put Ghana
on the international market with a positive perception.
“When you have macro-economic stability, you don’t only
protect yourself, in terms of overspending, it also allows in maintaining debt
loan, putting Ghana on the international market with a positive perception,” he
said.
“They will say this is a country with good macro stability,
the economy is managed well, inflation is coming down and deficits are under
control, unemployment is fairly low, domestic mobilization is strong,” he told
Joy News.
The Finance Minister had said the government would continue
with its efforts to ensure that the benefits of macroeconomic stability is
translated into the well-being of all Ghanaians.
He said such benefits would be felt in the provision of safe
drinking water, good roads, jobs, access to good healthcare, stable and
affordable electricity and good education.
“The many social interventions that have been implemented by
the government over the last three years along with jobs created have brought
relief to many Ghanaians,” he said.
“We paid the registration fees for thousands of BECE
candidates abolished fees for postgraduate medical training, restored teacher
and nursing trainee allowances doubled the capitation grant and implemented
NABCO which has employed 100,000 graduates across every constituency in Ghana.”
He said the government has also recruited over 350,000
people in the public sector in the last three years and these can be found in
various fields including teaching, security services, nursing, Nations Builders
Corps (NABCO) and the forestry sector.
“We have expanded the Livelihood Empowerment Against Poverty
(LEAP) programme by 150,000 people, expanded the school feeding programme by
500,000 children and increased the peacekeeping allowance from $31 to $35 per
day.”
Mr Ofori Atta said while the average annual increase in
electricity tariffs between 2010 and 2015 was 45 percent there has been a net
reduction of electricity tariffs by at least between five to 10 percent for
households and businesses since 2016.
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