Proposed debt exchange programme will bring some confidence into economy – Dr. Addison

The Governor of the Bank of Ghana Dr. Ernest Addison has said that he is hopeful that the debt swap program to rehabilitate the country’s debts will bring confidence in the economy and strengthen the economic policy that is being implemented to combat inflation.

According to him, this has become necessary because of the financial crisis, which many banks are affected by.

This has resulted in high cost of borrowing and doing business in the country.

Speaking at the Annual Bankers Dinner in Accra which is part of the Bankers Weeks celebration by the Chartered Institute of Bankers Ghana, Dr. Addison said the government’s debt swap program is an important factor that will help strengthen banks amid the financial crisis.

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“In order to ensure that the debt will be stable in the short term, they must be carried out in exchange for debt to help consolidation. I think that these proposals should give us greater confidence that the financial and credit systems will help us to strengthen confidence, improve our credit systems and fulfill what we have been doing in the monetary policy to reduce the problems .price levels”.

The annual event is part of a platform created by banks to take action and evaluate the trends in the industry over the years and progress.

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Debt swap policy will bring confidence in the economy - Dr.  Addison

As the Guest of Honour, the Governor of the Central Bank, also said that the banks had lost some reserves due to the local currency crisis, which is why they decided to start a policy to buy domestic gold.

The President of the Chartered Institute of Bankers, Mr. Benjamin Amenumey, lamented the high cost of banking in the country and said that members are taking new measures to solve the problem.

He said that the Chartered Institute of Bankers, Ghana will launch a book documenting the developments in the industry over the past 60 years since its inception.

“I am happy to announce that 2023 is the 60th year of the Chartered Institute of Bankers, Ghana. As part of the activities to commemorate the existence of the Institute, we are preparing a book to record and preserve the history of the evolution of the Institute from the beginning to the present day. This will allow us to acknowledge the great foundations that have been laid and the predecessors and milestones undertaken by various administrations to raise the visibility and reputation of the Institute to date.”

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