BoG understudies Bank of Japan on best practices

Officials from the Bank of Ghana (BoG), led by the first Deputy Governor, Dr Maxwell Opoku Afari, have met their counterparts at the Bank of Japan in Tokyo for an exchange of ideas meant to improve the operations of the former.

The meeting was part of series of meetings scheduled for a government delegation that is in the Asian country for bilateral talks with the Japanese government and a non-deal road show meant to expose the economic prospects of the country to investors and prospective debt buyers.

The delegation is led by the Finance Minister, Mr Ken Ofori-Atta.

A statement from the ministry said the meeting with the Bank of Japan was “on best practices to improve the regulations of financial services as well as techniques that have assisted the Japanese economy maintain low inflation and interest rates.”

It said Dr Afari explained after the meeting that the ideas exchanged “would be adapted to the Ghana situation to further deepen the efforts of the Bank of Ghana.

Finance ministers meeting

The statement explained that the two countries had also agreed to work towards strengthening economic and social partnerships.

The commitment was mutually expressed by Finance Minister, Ken Ofori-Atta of Ghana and Deputy Prime Minister, Taro Aso of Japan in Tokyo on Tuesday.

The Deputy Prime Minister doubles as Finance Minister of Japan.

“As you continue to work towards developing the Arc of Freedom and Prosperity which you speak about, we in Ghana would like you to look to Africa and indeed Ghana as a key point on that arc. Our recently mutually beneficial investment and trade arrangements ought to be enhanced to a point where Ghana can become a hub in Africa for this purpose,” the statement quoted Mr Ofori-Atta.

It said the minister further offered Ghana’s commitment to complete final negotiations on the Bilateral Investment Treaty between Ghana and Japan and use it as a tool for bolstering the Ghana-Japan partnership.

On his part, Taro Aso expressed Japan’s delight at Ghana’s improving macro-economic situation and called on the new administration to continue with efforts to further improve and diversify the economy.

He expressed Japan’s willingness to explore the setting up of a special joint working committee to determine ways by which the cooperation between the two countries can be improved.

Present in that meeting were Minister for Roads and Highways, Mr Akwasi Amoako-Atta; Deputy Minister of Finance, Mr Charles Adu Boahen; Deputy Governor of Bank of Ghana, Dr Maxwell Opoku Afari; Deputy Minister for Health, Mr Kingsley Aboagye Gyedu; Deputy Minister for Information, Mr Kojo Oppong Nkrumah and Deputy Minister for Trade,Mr Carlos Ahenkorah.