Insights from BoG Governor: Unpacking pre-covid stability and post-covid crisis
On the macro side, we started off with a robust fiscal stance. From 2017 through to 2019, central bank financing of the budget was zero, even though the Bank of Ghana Act pegged it at 5% of the previous year’s tax revenue. In that context, inflation declined very quickly. Therefore, the monetary policy rate also came down, and growth rebounded strongly. This was the context for the first three years of the current administration.
Source: myjoyonline.com
