Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion

The Bank of Ghana governor speaks about monetary financing, ‘independence’ and the offline e-cedi

Prior to Covid-19, the situation in Ghana looked bright. The central bank was successfully pursuing a single-digit inflation target, the currency was stable and much of the financial system had been reformed and recapitalised. With hindsight, were there any steps prior to Covid that you would do differently, if you had the opportunity?

With hindsight, I would say we took the requisite prudent policy measures to stabilise the economy as well as the financial sector before Covid struck.  At the

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