Economist and lecturer at Wisconsin International University College, Dr. Sam Worlanyo Mensah, has called for on the Bank of Ghana to prioritize strong fiscal and monetary policies, along with strict monitoring of cash flows, to help control inflation effectively.
The International Monetary Fund (IMF), in its latest assessment of Ghana following the third review of the Economic Credit Facility programme, emphasized the importance of maintaining a tight monetary policy stance to address upside risks to inflation. The Fund also urged the BoG to advance safeguards to strengthen its independence and operational efficiency.
Speaking to Univers Business, Dr. Worlanyo Mensah underscored the need for robust policies to support the development of the local economy.
He also stressed the importance of allowing the Central Bank to operate independently, free from political interference, to ensure it can perform its mandate effectively.
“I believe the fiscal policies should be the order of the day. We should be able to roll out strong fiscal and monitoring policies that will help us to really administer finances. Fund flow, cash flows must be clearly monitored so that we will be able to control inflation and be able to develop the local economy.”
“The Bank of Ghana is supposed to give the best signal as to how this economy can be stable fiscally so I believe they are rolling out policies and programs to stabilize the economy, and we need to give them those ample space to do so without any political interference.“
Dr. Worlanyo Mensah emphasized the importance of fostering a more inclusive economy by organizing national roundtable dialogues and discussions.
He highlighted that such initiatives would help ensure that decisions made by the Bank of Ghana (BoG) align with the collective interests of the people.
“There is a need for us to have a roundtable dialogue or discussions as to how we want the economy to grow because if we leave it in the hands of one particular organization which has been mandated to do so, then definitely they will be taking decisions in isolation, and that will not reflect the collective interest of the people or their needs.”
“That is why we want the Bank of Ghana to be autonomous. I believe most of the decisions must be taken collectively.”
Story by: Alexander Kuuku Osei-Baidoo | univers.ug.edu.gh
