The Vice President Paa Kwesi Amissah-Arthur, yesterday swore in the new board of directors of the Bank of Ghana (BoG) with a charge on the central bank to do more to reduce interest rates.
He said the bank also needed to promote increased access to credit through its policies, in order to address increased concerns over inadequate finance and high cost of credit which remained a disincentive for business.
He reminded the board that although the amended BoG Act offered the bank more independence in the management of monetary policy, it also exerted more responsibility on the bank in promoting macro-economic stability.
The Vice President reminded the bank of its obligation to sustain and enhance the stability of the economy, to support the growth of businesses and job creation.
“I invite the board to support and lend credibility to the work of the bank,” he said.
In addition, he urged the members to work as a team, and effectively collaborate with players in the financial sector to ensure the success of its operations as a regulator.
The board, which is chaired by the Governor, Dr. Abdul-Nashiru Issahaku, has Mr. Millison Narh, Dr. Johnson P. Asiama, both deputy governors, Prof. Kwabena Asomanin Anaman, Mr. Augustine Fritz Gockel and Mrs. Emma Akua Bulley as members.
The rest are Dr. Kwadwo Owusu Agyeman, Mr. Godfrey Morgin Mwindaare, Dr Kwame Ampofo Kusi, Dr. Eugenia Amporfu and Cassiel Ato Forson.
Mr. Gockel, responding on behalf of his colleagues, gave the assurance of their commitment to task.
He pledged the readiness of the board to promote financial inclusion through enhancing access to credit especially to boost the SME sector for job creation.
“We have accepted the challenge to enhance macro-economic stability for creation,” he stressed.
By Edmund Mingle