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Dr. Ernest Addison named Central Bank Governor of the Year

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The Governor of the Bank of Ghana, Dr. Ernest Addison, has been named the Central Bank Governor of the Year for Sub-Saharan Africa.

The Global Markets, a newspaper published digitally to cover this year’s Virtual IMF/World Bank Annual Meeting 2020 gave Dr. Addison the award in recognition of his exceptional leadership.

A statement from Global Markets said the award was also in recognition of the Governor’s sterling performance in managing the coronavirus pandemic, which has seen BoG introduce a raft of measures aimed at supporting the government’s transformational agenda and ensuring the safety and soundness of Ghana’s financial sector.

“The Ghanaian central bank has drawn praise for its shrewd handling of the coronavirus crisis.” “The bank was able to accelerate its monetary policy loosening in order to support the economy,” the statement said.

It added that another strategic policy of the BOG was the cutting of its key interest rate, the policy rate to 14.5%. It added that the central bank also “eased lenders’ reserve requirements, making it easier for banks to provide liquidity to sectors hit by the
virus”.

“This, and the reduction in banks’ conservation buffer, have helped to keep the Ghanaian economy afloat.” “The decisions you have taken have been well received by international investors and will support the economy’s recovery once the worst of the crisis has abated,” the statement said.

It explained that the Global Markets awards recognises the achievements of the world’s top policymakers. The announcement of Dr. Addison as Central Bank Governor of the Year comes at a when the BOG has been named Central Bank of the Year at the Central Banks Awards held earlier this week.

The Bank was commended for the raft of measures, including the cleanup exercise, recapitalisation and the revision of regulations for players, that the organizers said helped to bolster confidence in the financial sector. They said the measures were bold, timely and relevant in solidifying the sector to fund development.

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