BoG on course to reducing inflation — Governor
The Governor of the Bank of Ghana (BoG), Dr Abdul-Nashiru Issahaku, says the bank is conducting its policies in a way to bring inflation to its medium-term target of eight per cent.
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His comment comes after the bank recorded a decline in inflation from 19.2 per cent in March to 18.4 per cent in June, this year, saying it was a sign that the BoG’s inflation targeting policy was on course.
Dr Issahaku was speaking during the inauguration of a four-storey lecture hall complex for the School of Medicine and Health Sciences at the University for Development Studies (UDS) in Tamale .
The BoG funded the construction of the facility at a cost of GH¢5 million.
It has 16 lecture halls that can accommodate various class sizes, 60-seater and 250-seater halls, a data centre, laboratories for community nutrition studies, a conference hall and 48 offices that can serve various needs.
The facility is to create more space to admit more students to the medical school to train more doctors and other health professionals to serve in rural and deprived communities in the country.
Growth prospects
Dr Issahaku said growth prospects for the rest of the year would be impacted positively by the stability on the foreign exchange market, the continued improvement in consumer and business sentiments, among other indices.
“Inflation, identified largely as the worst of all economic evils, attacks anyone and everyone. It is when the spiral effects of inflation are felt that critics descend heavily on the monetary policy stance of the central bank and for that reason our response has been to be more proactive and solid on price stability issues,” he stated.
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He said in the first six months of this year, volatilities on the foreign exchange market subsided significantly, along with relative stability in the local currency, largely supported by a tight policy stance and improved foreign exchange inflow.
A four-storey lecture hall complex
He said the BoG would continue to be more proactive and solid on price stability issues to avoid the spiral effects of inflation.
Inauguration
Unveiling the plaque to inaugurate the block, Dr Issahaku expressed his delight in the completion of the project and stated that it formed part of the bank’s contribution towards the development of the human resource and future leaders of the country.
He stated that the BoG saw the project as a way of helping to build the economy and the future of the country, hence its decision to fund it when the university made the request.
He noted that the completion of the lecture theatres and offices would create more space to enhance teaching and learning and thanked his predecessor, Dr Kofi Wampah, for accepting to fund the project and also getting the support of the board members of the bank.
Appreciation
The Pro Vice-Chancellor of the UDS, Prof. Seidu Al-hassan, on behalf of the vice-chancellor and the leadership of the university, thanked the BoG for the support and stated that the facility would go a long way to help the university train more doctors and other health professionals for the country.
He appealed to the governor to help furnish the lecture halls, saying although the building was complete, what would ensure its effective use was the furnishing of the lecture halls.