Maintaining Firm Monetary Policy

sides and create a more stable, convenient and transparent business environment for enterprises from both countries, the ministry said.

Next, the two sides will carry out their respective domestic procedures to promote the agreement’s early entry into force, according to the ministry.

RWANDA Resilient Economy

Rwanda’s economy remained resilient in the 2022-23 fiscal year despite the global economic slowdown, the National Bank of Rwanda said in its latest report.

The central bank’s report for 2022-23, presented to parliament on 4 December 2023 in the Rwandan capital of Kigali, said that the economic resilience primarily stemmed from a robust performance in the services sector.

“Despite facing various

economic challenges such as a global demand slowdown, rising inflation and climate shocks, Rwanda’s economy remained resilient, with real GDP growing by 8.1 percent during 2022-23, slightly lower than the 8.9 percent achieved in the previous year,” the report said.

It noted that Rwanda’s external trade continued its recovery, witnessing a 29.8 percent increase in merchandise exports. This growth was attributed to the strong performance of domestic manufacturing exports and traditional commodities.

Ghana’s central bank on 4 December 2023 pledged to maintain a firm monetary policy stance in the long term despite the decline in inflation over the past three months.

Ernest Addison, governor of the Bank of Ghana, made this pledge during a press briefing after the latest meeting held by the monetary policy committee of the Ghanaian central bank to assess the economy.

“Even though inflation is decelerating, it remains high relative to the target. Therefore, there is a need to keep the policy rate tighter for longer until inflation is firmly anchored on a downward trajectory towards the medium-term target,” Addison stated. In line with that stance, the governor announced the decision of the monetary policy committee to maintain the benchmark policy rate at 30 percent.

Ghana has been facing crippling economic diffculties in recent years, with widening budget deficits, ballooning public debt, rapid currency depreciation and record-high inflation.