The Bank of Ghana (BoG) has been recognised by the Central Banking Awards as the Central Bank of the Year following measures it pursued in a bid to ensure a strong financial sector, via a raft of reforms implemented over the past two years.
The awards, which will be held on March 19 2020, in Brussels, Belgium, notes that the bank has an impressive record of achievement, adding that the most notable is its reform of a seriously under-capitalised and poorly managed banking sector.
By winning the Central Bank of the Year award, the Bank of Ghana takes over from the Monetary Authority of Singapore (MAS), which was last year’s overall winner.
Standout central bank
“The central bank has dealt with this complex set of risks, which could have caused serious damage to the country’s economy,” the Central Banking Awards said in a post on its website.
According to the post, while the standout feature for BoG, during the last three years, has been reforming the country’s banking sector, its performance in other fields has also impressed some outside observers.
“Under Addison’s predecessor.., Henry Kofi Wampah, the Bank of Ghana had hiked policy rates in order to deal with rapidly rising inflation. Tighter monetary policy, almost certainly reinforced by the reforms of the government’s fiscal approach, meant that the most recent bout of runaway annual inflation peaked in 2016,” the post stated.
The Central Banking Awards, now in its seventh year, recognises outstanding performances from across the community, by both central banks and the market practitioners who support them.