The governor of the Bank of Ghana (BoG) Dr.Abdul-Nashiru Issahaku has expressed optimism in the stability of the cedi as the year starts.
According to him, the local currency showed some level of stability in 2016, reducing some level of domestic inflationary pressures.
“The Ghana Cedi has remained broadly stable during the year and we are optimistic that the cumulative depreciation for the year will remain in the single digits,” he said.
“This stability in the Ghana Cedi has reduced the pass-through to domestic inflation, although inflation is still above target. We therefore need to sustain the macroeconomic stability to anchor expectations and to build shock absorbers in the face of continued volatility in the global economic and financial environments,” he said.
Enumerating some measures taken by the central bank to enhance transparency, Dr. Issahaku stated that the communication department was equipped to inform the investor community and Ghanaians on developments at the bank.
“The establishment of our new Communications Department, has assumed such a strategic role in our communication functions. As a department within the Bank, the goal is to proactively support the mandate of the Bank in ensuring price stability and ultimately contributing to economic growth,” he said.
“The work of the department is to promote monetary policy communication as well as economic development communication. I want to urge you to continue to work with them in seeking feedbacks on the various aspects of our operations,” he added.
He stated that in an effort to further promote effective public accountability the bank has also introduced a 24-hour Contact Centre.
“This offers the general public the opportunity to have complaints, questions and requests for information dealt with promptly,” he said adding that “we have the technical team that provides the backstopping function at all times”.
He was of the view that the platform would introduce an interactive voice response system overtime that would also have built-in financial education section for the public.