Vice President Dr Mahamudu Bawumia on Wednesday inaugurated the Board of the Bank of Ghana (BoG), with a call on the panel to work to maintain macro-economic stability to get banks to lower interest rates.
He tasked the 13-member Board, whose principal duty is to assist the BoG pursue its core mandate of price stability, to ensure that the financial sector played its role responsibly to enable the private sector have access to credit.
The Vice President told them that they should guide the BoG to focus not only on price and currency stability but on growth as well.
“Whilst we achieve macro-economic stability, we expect decline in policy rates to translate into lower lending rates in the country,” he said.
Vice President Bawumia said government was investing in interventions like the National Identification and Address systems to bring down the risk premiums of lending.
“The nation will count on you on you to execute your mandate well,” he added.
The 13-member Board is which is chaired Dr Ernest Addison, Governor of the BoG, include Dr Maxwell Opoku-Afari, First Deputy Governor of BoG; Dr Johnson Asiama, economist and second Deputy Governor of BoG; Mr Charles Adu-Boahen, an investment banker; and Dr Eugenia Amporfu, an economist .
The others are Mr Keli Gadzekpo, a banker; Dr Kwame Owusu-Nyantekyi; Dr Samuel Nii Noi Ashong; Mr Jude Kofi Bucknor, Mr Joseph Alhassan, Mr Andrew Boye-Doe; Dr Maria Hagan and Mrs Comfort Ocran.
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