Dr. Ernest Addison, Governor of the Bank of Ghana, has called for decisive macroeconomic policies to tackle the current global economic turbulence.
Addressing the opening of the WAIFEM/IMF Regional Course on Financial Programming and Policies, Dr. Addison stressed the necessity of enhancing capacity in macroeconomic management amidst ongoing global challenges.
The course, which brings together central bank representatives, finance ministries, and economic planners from across the region, aims to bolster participants’ skills in diagnosing and rectifying macroeconomic imbalances.
Dr. Addison highlighted the complex global backdrop, marked by a recovery from the COVID-19 pandemic and the Russia-Ukraine conflict, which have both severely impacted growth and driven inflation to new highs.
Despite some easing of global financial conditions, inflation continues to exceed targets in many nations, with persistent risks looming.
In the sub-region, Dr. Addison noted critical issues such as funding constraints, geopolitical tensions, and security concerns, while referencing the IMF’s optimistic but uncertain growth forecast for Sub-Saharan Africa.
In light of these challenges, Dr. Addison advocated for policy adjustments to rebuild fiscal buffers and avert a systemic debt crisis, supporting the IMF’s recommendation for revenue-based reforms.
He also pointed to Ghana’s struggles, including a downgraded sovereign rating and a liquidity crisis, exacerbated by external shocks.
Emphasizing the importance of the regional course, Dr. Addison underscored the need for robust public sector training in modern macroeconomic and financial techniques, as the course aims to provide practical skills in economic modeling and policy analysis.
