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Banking sector reforms contributed significantly to Ghana’s COVID-19 response – 1st Deputy Governor

1st Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has revealed that had it not been the banking sector reforms, Ghana’s story now in terms of the COVID-19 response would have been different. 

Dr. Maxwell Opoku-Afari is of the view that the banking sector reforms coupled with the government’s fiscal reforms contributed immensely in the nation’s attempt to battle the COVID-19 global pandemic. 

Speaking on MX 24’s Spotlight on Tuesday, the deputy governor explained that the financial sector reforms undertaken by the Central Bank was the main factor the enabled the BoG to support the government’s fight with GHC 10 billion. 

To him, with the aid of both the financial sector and fiscal reforms, enough space was created at the bank that enabled them to raise such an amount. He added that without the reforms, the success chalked in the fight of the pandemic which has received international recognition would not have been possible. 

He explained that “we can say with boldness that Ghana has received international acclaim in terms of how this impact of COVID-19 has been handled and its impact on the economy. There has been a lot of fiscal spending towards this but on the monetary side, we were also able to make our own assessment to look at the room that we had, the impact on our balance sheet and came to the point when we said that we have room to support this COVID-19 response of up to GHC 10 billion. 

“That should tell you that both the fiscal and the Central Bank were benefitting from the gains from reforms. Because not every economy had the capacity to respond the way Ghana responded. Why did we have that room, the space to be able to respond? It’s because of the reforms that have been introduced both from the monetary side and also the significantly fiscal consolidation that created that space to allow us to be able to have the space to respond,” he added.

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Bank of Ghana BoG Central Bank Ghana Maxwell Opoku-Afari

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