Hence, the Bank of Ghana responded to the economic challenges by adjusting the policy rate upwards by 150 basis points. [12] Let me state that the macroeconomic outcome of the stringent policy framework has been positive. The policies have contributed immensely to the return of stability and are gradually restoring business and consumer confidence in the economy.
I would like to particularly emphasize the case of exporters, who in the face of stiff global competition and absence of any significant pricing power, have to reckon with rather thin margins which can be easily eroded because of fall in the value of the foreign currency before the payment is received.