The Bank of Ghana (BoG) has been recognized by the President Nana Addo Dankwa Akufo-Addo for the distinguished roles it played during the fight to contain the COVID-19 pandemic.
Specifically, the BoG had to immediately trigger its emergency support clause under Section 30 of the Bank of Ghana Act, 2002, Act 612, as amended, by purchasing a GHC10 billion COVID-19 bond to support the
government’s COVID-19 policy responses.
In addition, the central bank also provided an amount of GHC10 million to the National COVID-19 Fund as seed-money, which enabled the Fund meet some critical health and social needs of those impacted by the pandemic.
Also, the BoG, in partnership with the private sector, provided GHC10 million grant (in line with the bank’s corporate social responsibility), to fast track the construction of the Infectious Disease Centre at the Ga East Government Hospital, which became the nerve centre for managing the COVID-19 pandemic.
In a statement, the BoG expressed its gratitude to President Nana Addo Dankwa Akufo-Addo for the recognition of these unconventional policy measures, “which was borne out of our quest to support the government’s programme to preserve lives and ensure a safe and stable environment for economic growth.”
“Recently, however, Bank of Ghana has taken notice of public discussions on its role in helping resolve the current economic crisis, which raises concerns about their understanding and workings of monetary policy doctrines,” the statement added.