Dr. Ernest Addison, Governor of the Central Bank and the Bank of Ghana have received global awards for their contribution to stabilizing the country’s financial sector.
The Governor was honoured by GlobalMarkets, a newspaper published digitally to cover the Virtual IMF/World Bank Annual Meeting 2020, as the Central Bank Governor of the Year for Sub-Saharan Africa while the Bank of Ghana was presented with the prestigious Central Bank of the Year Award by the Central Banking Awards Committee.
The awards follow the bank’s successful implementation of monetary policy and impressive achievement in reforming the banking sector in Ghana under Dr. Addison’s leadership.
According to the GlobalMarkets: “The Ghanaian central bank has drawn praise for its shrewd handling of the coronavirus crisis. The bank was able to accelerate its monetary policy loosening in order to support the economy. As well as cutting the key interest rate to 14.5 percent, the central bank also eased lenders’ reserve requirements, making it easier for banks to provide liquidity to sectors hit by the virus.
This, and the reduction in banks’ conservation buffer, have helped to keep the Ghanaian economy afloat. The decisions you have taken have been well received by international investors and will support the economy’s recovery once the worst of the crisis has abated.” The GlobalMarkets awards recognises the achievement of the world’s top policymakers.
The usual awards dinner which was slated for March 2020, in Brussels, Belgium to highlight the outstanding performance and achievements of awardees was called off due to the emergence and worldwide effect of the coronavirus (COVID-19) pandemic. The closure of country borders and airports with travel restrictions made it impossible for the organisers of the awards to celebrate the award winners.
At a virtual ceremony to receive the award for the Bank of Ghana, Dr. Addison, said: “It is a great privilege for the Bank of Ghana to be named the Central Bank of the Year, and I thank the team at Central Banking for the honour done us. This award reflects our vision to build a central bank of excellence that is well-respected by stakeholders, and further strengthens our resolve to continue to implement sound monetary and financial sector policies.
The successful execution of our Monetary Policy and the Financial sector reforms and subsequent turnaround in the economy, which this Award duly recognises, has been due to the hard work of the whole Bank of Ghana team comprising Management, the Board and staff. Let me mention the support I got from my very able and efficient deputies, and heads of departments.
The Bank also received invaluable support from the Monetary Policy Committee, and other key collaborative institutions, including the Ministry of Finance and the Economic Management Team, in the pursuit of its policies and programmes”.
“With humility and profound gratitude, I accept this award on behalf of the Board, Management, and Staff of the Bank of Ghana. Thank you all for sharing in the vision to ensuring macroeconomic stability and establish a stable, sound, and resilient banking sector to support the country’s growth and development agenda. I am hopeful that we will continue on this path and consolidate the far-reaching gains of macroeconomic and financial stability in Ghana,” Dr. Addison said at a virtual ceremony in Accra.
The Central Banking Awards were set up to highlight the outstanding performance and achievements of individuals and organisations within the central banking community. The awards recognise excellence in a community facing difficult monetary policy and financial stability challenges that needed to be addressed effectively, while prudently embracing technological change in reserves, financial services, payments, currency management and data.