Address Economic Challenges – Prez

President John Evans Atta Mills yesterday swore in the new Governor of the Bank of Ghana. Mr Kwesi Bekoe Amissah-Arthur, and charged him to lead the central bank to introduce innovative and prudent fiscal policies that would help address the current challenges facing the economy and also absorb unpredictable shocks on the international market. He explained that such innovation should go a long way to address the present distortions and imbalances in the economy, which had the potential of impacting negatively on the government’s financial arrangements to inject sanity into the various sectors in its bid to improve the lot of the people. President Mills, who made these remarks at the Castle, Osu, said he envisaged that the fiscal policies which the new Governor would lead the central bank to implement would, in the long run, help reduce the inflationary rate and also send positive signals to the investor community to appreciate the country as a sound and congenial environmental to do business in. According to President Mills, the central bank had a crucial and critical role in ensuring stability of the national economy and the exchange rates, lowering the inflationary rate and also to facilitating business in the country. He said the government considered the central bank as a catalyst which must produce time-tested far-reaching financial policies which should place the economy on a sound pedestal to accelerate the country’s growth and progress into the foreseeable future. President Mills further explained that the desire of the government to build a self-sustaining economy capable of addressing the rising expectations of the broad masses of the people depended, to a reasonable extent, on the policies initiated by the central bank. He asked the new Governor to be mindful of the volatility and other exigencies on the international scene, which most often seriously undermine the economic projections and targets of the government.