ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
The decline was broad-based, reflected in tourist arrivals, construction activity (cement sales), private sector contributions to the national pensions fund, domestic VAT collections, imports and exp orts.
At the same time, inflation headline inflation jumped from 7.8 percent in the first quarter to 10.6 percent in April and further to 11.4 percent in July 2020, outside the Bank’s inflation medium- term target band of 8±2 percent — the first time in over two years.
The sharp rise in inflation was partly the result of panic -buying prior to the partial lockdown in the largest cities, which pushed up food prices significantly from 8 to around 15 percent while non-food inflation remained largely contained.
The pandemic therefore presented a combined demand and supply shock to the Ghanaian economy, which required close coordination and implementation of monetary, fiscal, and macroprudential policies to limit its impact on the broader economy.
5 | P a g e BANK OF GHANA ES T.
1 9 5 7 Bank of Ghana’s Policy Response to Covid-19 6.
Ghana’s response to the COVID -19 pandemic has been decisive and broad - based, with both the fiscal and monetary authorities implementing complementary measures to tackle the effects of the pandemic.
The response was in many resp ects, similar to the policies implemented elsewhere in the world.
Government in particular, adopted a “whatever it takes” stance to minimize the impact of the pandemic, culminating in some GHc21 billion Covid-19-related expenditure in 2020.
To complement the fiscal policy actions, the Bank of Ghana deployed various tools, namely: the interest rate tool, macroprudential policies, market liquidity support, and the triggered its emergency financing clause to purchase a Government COVID -19 Bond.
Specifically, the Bank of Ghana introduced the following policy and regulatory interventions:  The Monetary Policy Rate was reduced by 150 basis points in March 2020 and another 100 basis points in May 2021 to 13.5 percent to complement fiscal policy and provide support to economic growth;  The cash reserve requirement (CRR) ratio for banks was lowered from 10 to 8 percent to provide additional liquidity to Banks.
This policy measure was expected to free up additional resources of about GHS2 billion for banks and Specialised Deposit-Taking Institutions (SDIs) to lend to critical sectors of the economy;  The CRR for Rural and Community Banks (RCBs), Savings and Loans Companies (S&Ls), Finance Houses was reduced from 8 to 6 percent; and from 10 to 8 percent for microfinance companies; 6 | P a g e BANK OF GHANA ES T.
1 9 5 7  The Capital Conservation Buffer was reduced by 1.5 percentage points to 11.5 percent and providing capital relief of about GHS1.1 billion for banks;  The provisioning requirements for loans categories was reduced from 10 to 5 percent and which translates to about GHS115.3 million in capital relief to Banks;  Restrictions were imposed on dividend and other capital distributions for the financial years 2019 and 2020 to preserve liquidity and capital buffers;  The deadline for new c apital requirement for SDIs (MFIs and RCBs) was extended to December to provide temporary relief to SDIs, given current economic conditions;  The Bank of Ghana requested Banks to grant 3 -12 months moratorium on principal payments on loans granted to customers in the worst pandemic-hit sectors;  A reduction in mobile money charges and waiver of transaction fees on minimum transactions (GHS100) and increased wallet limits was agreed with the TELCOS to promote electronic transactions as part of COVID protocols; 8.
Moreover, to help close the residual financing gap of the budget arising from increased COVID-related spending and to prevent an inefficient tightening of domestic financial conditions arising from market conditions, the Bank of Ghana utilised its policy space from gains of over three years of strong monetary policy reforms, by triggering the emergency clause of the BOG Act to allow the Bank purchase Government of Ghana COVID -19 relief bond (GH¢10 billion), in line with provisions of the BOG Act 2002 (Act 612), as amended Act 918.
7 | P a g e BANK OF GHANA ES T.
1 9 5 7 9.
In addition, following the announcement of the measures by the Bank of Ghana, Deposit Money Banks also provided various reliefs to customers through reduction in lending rates, granted moratoria on loan repayments, restructured existing facilities, and advanced new loans to customers.
Broadly, these actions have helped to moderate the economic impact of COVID-19 on customers and minimised the potential disruptions in credit flows.
Importantly, these reliefs occurred in the context of a reformed banking sector.
The banking sector remains liquid, profitable, and well capitalised.
The Financial Soundness Indicators ar e strong and Banking Sector Stability Index monitored by the Bank remains in high positive territories indicating the resilience of the sector.
A recent BOG survey on the impact of the pandemic on Banks showed that while the pandemic has increased the indu stry’s cost of operations, banks have not passed on the associated costs to consumers through higher interest margins.
Policy impact, the outlook lessons for post-pandemic 11.
The mix of policies implemented have helped to moderate the impact of the pandemic on the economy and contributed significantly to a faster pace of economic recovery than anticipated.
Ghana managed to record a measured positive growth in 2020 unlike many others that slipped into negative growth rates.
Amidst the pandemic and surge in inflation, the central bank has successfully steered inflation back into the target ban d, a process that was significantly helped by the extraordinary stability in the foreign exchange 8 | P a g e BANK OF GHANA ES T.
1 9 5 7 market in an election year while foreign exchange reserves level is at a record high.
Ghana’s economy is entering a new phase of its macroeconomic developments with low inflation and well-anchored expectations.
The Bank of Ghana will continue to pursue prudent policies to safeguard its primary objective of price stability.
The Bank’s inflation forecast strongly the low inflation expectations going forward.
In the outlook, the signs of recovery are encouraging and would require careful monitoring and, where necessary, continuous comprehensive macroeconomic policies including defining a feasible fiscal adjustment path in the medium term to ensure fiscal and debt sustainability to anchor macroeconomic stability.
A key issue going forward relates to the timing of withdrawal of policy support.
This would need to be carefully done so as not to jeorpardise the recovery process and the Bank will continue to monitor development and take appropriate decision.
A careful balancing act between unwinding the policy support and would be needed by policy makers to ensure that stability in a post-pandemic environment is guaranteed.
Chairman, an important lesson from the pandemic is that it has quickened the drive towards a cash -lite economy and this is likely to shape monetary policies going forward.
The widespread use of mobile money was given an added boost when the Ghana Interbank Payments and Settlement Systems (GhIPSS) introduced the national Quick Response (QR) Code payment solution last year to simplify merchant payments and reduce the use of cash.
The QR 9 | P a g e BANK OF GHANA ES T.
1 9 5 7 Code has since been made available to banks and payment service providers, as well as small and medium -sized enterprises to enhance business transactions.
Leveraging on financial innovations, the Bank of Ghana has also initiated processes for a pilot central bank digital currency to further move the economy towards a cash-lite environment.
We anticipate that the Bank’s CBDC project would further advance financial inclusion, promote the efficiency and stability of the payment system, and foster competition in the financial sector.
In conclusion, as regulators, we belief that under the current inflation targeting regime, transparency is crucial in fostering credibility of the central bank’s policies.
Going forward, as financial journalists, perhaps more than any time in the past, you will be expected to play a key role in disseminating our policies to support the recovery process; and, how well this is done will tend to engender confidence in the financial markets and propagation of monetary policy impulses.
The central bank will continue to implement policies consistent with its inflation targeting framework to entrench the current low inflation environment.
I believe as part of this workshop you will also be taken through our inflation targeting framework and issues in the area of foreign exchange trading amongst others.
I thank you for your support over the years and on behalf of the Management of the Bank, we wish you fruitful deliberations.
Keynote Address at the Formal Opening of the Bank Hospital Dr.
Ernest Addison, Governor, Bank of Ghana Forecourt,The Bank Hospital, Shippi Rd, Cantonments, Accra: GL-075-8921 8 July 2021 All speeches are available online at Bank of Ghana Keynote Address Commissioning of the Bank Hospital Limited This document was prepared by the Research Department of the Bank of Ghana Hon.
Minister for Finance, Mr.
Ken Ofori Atta, Hon.
Minister for Health, Mr.
Kwaku Agyeman-Manu, Chairman of the Council of State, Nana Otuo Siriboe II, Presiding Bishop of the Methodist Church of Ghana, Most Rev.
Paul Kwabena Boafo, Deputy Governors of the Bank of Ghana, CEOs of Banks, Former Governors of the Bank, CEO of the Bank Hospital, Immediate Past Board Members of the Bank, Heads of Department and Staff of the Bank, Distinguished Invited Guests, Ladies and Gentlemen, 1.
Good morning and welcome to this landmark event in the history of the Bank.
Let me first thank you for taking time off your busy schedules to grace this occasion with your presence.
Ladies and Gentlemen, thirty -four years ago, the Bank of Ghana opened a Clinic to serve the healthcare needs of staff and to enhance productivity at the workplace .
Since then, the facility has expanded steadily and today , we are witnessing the final transition from a Clinic to a fully-fledged Hospital, not only for Bank Staff but also for use by the public.
Chairman, going down memory lane, the idea of the Bank Clinic was initiated in 1987 by the then Governor, the late Dr.
Agama, and his two Deputies at the time.
Th at decision led to the conversion of the Bank’s Club House at No 43, 7 th Avenue Extension, North Ridge into a Clinic.
This was a brilliant choice because the Clubhouse at the time also served the social needs of staff who used the facility to help unwind after work and engage in sporting activities which provided added health benefits.
A recruitment drive was then set in motion, led by consultants from the Public Health Department of the Ghana Medical School.
In April 1988, Dr.
(Mrs.)
Jane Ansafo-Mensah (who is in our midst today) was engaged to spearhead the formation and actuali sation of the Bank of Ghana clinic .
Having successfully put in all the requisite governance and operational framework to ensure its smooth running , Dr.
Ansafo-Mensah eventually became the Foundation Head of the facility and helped with the selection and recruitment of the rest of the medical staff made up of Nurses, Pharmacists and Laboratory Technicians.
The Clinic opened its doors to Bank staff on 6th June 1988 with a small team consisting of one Doctor, one Nursing Sister, two Staff Nurses, and a pharmacist who joined later in September 1988.
The full complement of staff was engaged by the end of December 1988.
At the early stages, the Bank Clinic operated under the Welfare Office of the then Administration Department but was elevated into a Medical Department in 1989, and Dr.
Ansafo -Mensah, the Foundational Head of the Clinic , became the first Head of Department.
On her retirement in 2000, she was succeeded by Dr.
Ben Foleson (2000-2001), then Dr.
Kwaku Afriyie (2001-2010), and later Dr.
( Mrs.)
Esther Kitcher (2010 - 2018), who served dutifully and retired from the service of the Bank.
We are indeed grateful to these forebearers of the Bank Clinic for the quality health care and other services rendered to staff during their tenures.
Guided by the core values of respect, excellence, accountability and teamwork, the Bank Clinic has provided quality cost-effective care to ensure a healthy and productive workforce.
Indeed, the Bank Clinic has come a long way over the period, with an expanded clientele base from Bank staff (both active and retired) and dependents , staff of other institutions such as the West African Monetary Institute, GhIPPS, Central Securities Depository, Access Bank Limited, National Banking College, to name a few.
The records indicated that the Medical Department attend to over 14,000 patients per year at an estimated 1,200 patients per month.
Given the size and facilities at the Bank Clinic, the statistics clearly show ed an uncongenial working environment, characterised by general congestion and clientele dissatisfaction.
Furthermore, total acti ve and retired staff population had increased to over 3,000, with a dependent population of about 10,000, which was projected to exceed 15,000 in the coming years.
Chairman, these numbers struck a chord with the Bank’s Management as it was obvious that the Bank Clinic was faced with limited facilities which constrained adequate provision of quality health care for the client population and required urgent action.
To address this problem, Management of the Bank in 2012 , mandated the then General Services Department and the Medical Department to develop a Needs Assessment to form the basis for the development of a hospital for the Bank.
Through a Competitive Tender Process in 2013, a Design and Build Contract was signed between the Bank and Universal Hospitals Group (UHG) for the construction of a 6 5-Bed Hospital on the Bank’s property at East Cantonments at a cost of about 80 million Euros.
This was expected to expand the infrastructural base of the Bank Clinic to adequat ely cater for its growing clientele , provide quality healthcare services, and create a congenial environment for effective operations within the Clinic.
Subsequently, a ten (10) member Committee, drawn from various Departments of the Bank, two external Co nsultants from the University of Ghana Teaching Hospital Project and the Ghana Ports and Harbours Authority (GPHA) Clinic respectively and the Bank Secretary, was constituted to develop a Blueprint for the proposed 65 -bed Hospital and submit a report to M anagement.
Some members of the Committee undertook a study tour of selected hospitals in Turkey and South Africa for purposes of obtaining first -hand information on clinical operations of model hospitals.
The Hospital project finally started on April 2, 2014.
Chairman, with the change in Government in 2017, a new Management was constituted for the Bank .
A t the time of taking office in April 2017, the new Management inherited three different Bank Projects at different stages of completion, namely, the development and construction of the 65 bed-hospital, and a 56-bedroom guest houses in Takoradi and Tamale.
Based on the work completed on the hospital project, the Board took a decision to continue with the remaining works to completion.
On April 2018, the hospital was finally handed over to the Management of the Bank with some critical outstanding issues relating to substantial IT related matters, architectural finishes, as well as electrical, mechanical, and biomedical installations.
While the technical team were working with the contractor to resolve all the outstanding issues and the training of the staff on these installations, an implementation Committee was set up to help with the operationalisation of the hospital following the recommend ations of the Blueprint Committee.
In as much as we acknowledge d the usefulness of these ongoing projects to support health care and recreational facilities of bank staff , the Board and the Management recognised the conflicting roles in pursuing the core mandate of the Bank, which is to ensure price and financial stability to foster growth , and effectively managing a hospital .
Consequently, the Board and Management decided to carefully craft a path that would ensure sustainably managing this Hospital to best serve the interest of the Bank and the country at large.
Therefore, the Board, having recognized that the Bank lacked the expertise to effectively manage a hospital complex, initiated a process to partner the private sector to effectively and sustainably manage The Bank Hospital.
On the Business model guiding the operations of a hospital, the implementation Committee recommended that The Bank Hospital should be set up as a commercial entity operating as a general hospital, t o provide world -class OPD services, diagnostic services, and medical urology.
The Committee recommended that the Hospital needed to be operated via a multi-disciplinary teamwork approach with the clinical business units at the OPD being allowed to generate its own income to meet some of its operational costs.
Based on these considerations, the Bank of Ghana Board and Management opted for the Management Model of over 3-5 years.
In line with the recommendations, the Bank appointed a sub-Committee of the Board of Directors to oversee the tendering process.
Given the complex nature of the services being sought by the Bank, the Committee conducted a two - staged tender process to select a partner with the necessary level of technical capacity to operate a 6 5-bed, multi - speciality hospital as well as the financial proposal most advantageous to the Bank.
Phase 1 of the Tender Process focused on the technical capacity of the bidding parties.
From nine bidders, the Committee selected four parties, who demonstrated the necessary technical ability.
These four parities were invited to attend separate meetings at the Bank Hospital in Accra, providing a further opportunity to gather information from the bidding party.
Going into Phase 2 of the Tender Process, the four short- listed bidders were provided with an updated RFP requesting more detailed technical information as well as a highly detailed financial proposal and model.
After going through a lengthy selection process, Halcom Management Services (HMS) of South Africa was appointed by the Bank to manage the Hospital on behalf of the Bank.
And subsequently the Committee commenced detailed due diligence of the counterparty ahead of final negotiations.
Subsequently , the Bank appoi nted a transaction lawyer to help with the negotiation process.
Chairman, all these processes were conducted with the collective will, cooperation and commitment of all involved to the best interest of the Bank of Ghana.
So, finally, here we are today with this state -of-the-art Bank Hospital, that is designated to not only serve Staff but also add to the efforts at addressing the health care needs of the country.
On July 1, 2020, the Bank of Ghana Clinic relocated to The Bank Hospital premises and commenced primary healthcare services for staff and pensioners.
Distinguished Ladies and Gentlemen, the process to set up a Bank Clinic, which begun in 1987 , and subsequently transitioned to this edifice has been a long one, captured over a 34-year period.
We have moved from a Clinic with out - patient facilities and limited operations to a Medical Facility with both in -and out -patient comprehensive facilities.
I am certain that the transition process will not stop here but will continue and the Bank will provide all the necessary support in this endeavour .
The Bank stands ready to work with the new Management in diverse ways possible to achieve this objective.
Today, Mr.
Chairman, we are honoured to commission this edifice which resulted from foresight and hard work of our predecessors.
Indeed, successive management teams in the Bank deserve commendation for the good work of supporting and improving on the facilities of the Clinic up until this point of the transition to a hospital.
Let me take this opportunity , therefore, to specially acknowledge the then Governor, the late Kwesi Bekoe Amissah -Arthur, who begun this whole process, and then Governors Dr.
Henry Wampah and Dr.
Issahaku Nashiru, who successfully steered , implemented, and executed the Hospital Project to the state in which the new management met.
I also want to acknowledge the various Committee members and the entire team who worked tirelessly with dedication to accomplish the task.
Today, only a few of the core members of the Committee are still at post but to those who have left the service of the Bank, we all say “A BIG THANK YOU ” for the instrumental roles each of you played in executing this project.
I also want to thank the various Boards of Directors who served the Bank during this whole process, from planning to completion of the Hospital, for their invaluable service to the Bank.
The last group of people to receive recognition should obviously be the entire staff of the Bank of Ghana, both active and retired.
We all agree that the Hospital was successfully completed because of the cooperation and supportive attitude of members of staff.
Finally, on behalf of the immediate past Board of Directors, Top Management and Staff of the Bank and on my own behalf, I wish the Management team of the Bank Hospital success in the delivery of quality health care services within a serene environment of professionalism, commitment, and trust.
Thank You and God Bless Us All.
GHANA NATIONAL CHAMBER OF COMMERCE & INDUSTRY CEO BUSINESS FORUM THEME: REDEFINING BUSINESS SUCCESS: THE PATH FOR BUSINESS VALUE, RESILIENCE AND SUSTAINABILITY KEYNOTE ADDRESS DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA JUNE 23, 2021 MARRIOT HOTEL, ACCRA 1 Hon.
Minister for Trade & Industry, Alan Kwadwo Kyerematen The President of the GNCCI, Council and Members of GNCCI, Chief Executive Officers, Distinguished Panellists, Invited Guests and Participants, 1.
It is a pleasure and a great privilege for me to be invited to address the Members of the Ghana National Chamber of Commerce and Industry (GNCCI).
Let me thank the President and Council Members for the invitation.
Today’s programme has brought together captains of industry and commerce to deliberate on topical issues for business development under the broad theme , Redefining Business Success: the Path for Business Value, Resilience and Sustainability.
This theme is appropriate in the context of recent developments in the economy with the challenges of COVID-19 and the need to take a broader look at the way business is done, to ensure resilience and sustainability in the post Covid new normal.
The extraordinary challenges the world faced from the impact of COVID must be used to reform, innovate and transform, so that as a country we can emerge from the crisis stronger and more resilient, and “build back better”.
Chairman, the socio -economic development and transformation success of any country depends very much on a thriving business sector to lead innovation, drive investment and transformation, and create jobs to promote inclusiveness and lift the majority of the people out of poverty.
For this reason, active dialogue between the business sector and the Central Bank is important.
Our policies are meant to create an enabling environment to shape and support thriving businesses, and it is for this reason that such dialogues and opportunities are very useful to the policy design processes of the Bank of Ghana.
I will , in this Keynote Address , give you our insights on the macroeconomic and financial outlook, discuss policy perspectives on access to financing for the SME sector, the challenges that banks have in identifying bankable projects from businesses, especially with SMEs, and how SMEs can position themselves in the post covid -19 new 3 normal.
I will also use the opportunity to clarify a few matters of public interest regarding t he financial sector clean up and where we are in the process.
Ladies and Gentlemen, as you are aware, the world is currently recovering from the COVID-19 pandemic.
The worldwide effects – in health, social, and economic terms – have been unprecedented, with several lives lost and economies plunged into recession.