The International Monetary Fund (IMF) has renewed its call for Ghana and other Sub-Saharan African nations to establish operationally independent central banks.
According to the Fund, this is a critical step toward ensuring long-term economic growth and maintaining price stability across the region.
During the World Economic Outlook update held in the United States, IMF Chief Economist Pierre-Olivier Gourinchas emphasized that central bank independence is fundamental for sound and credible monetary policy. He noted that countries with independent monetary authorities are better positioned to control inflation and respond to economic shocks.
“Without operational independence, central banks risk becoming tools of short-term political interests, making it harder to fight inflation and maintain economic stability,”he stated.
He added that autonomy helps build public trust and investor confidence, which are both essential for sustainable development.
The IMF’s latest remarks come at a time when several African economies are grappling with high inflation, currency depreciation, and fiscal pressures, highlighting the need for resilient financial institutions free from political interference.
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