The US Ambassador to Ghana, Virginia Palmer, last Wednesday paid a courtesy call on Governor of the Bank of Ghana, Dr Ernest Addison and management of the bank.

Dr Addison in his remarks provided an overview of Ghana's current economic situation and noted that inflation had risen to more than 40 per cent, whilst the Ghana Cedi had depreciated by over 53 per cent on a year-to-date basis.

He assured the Ambassador that the raft of measures introduced by the bank and the impending International Monetary Fund (IMF) programme would help restore macroeconomic stability in the medium term.

"The governor expressed optimism that the 2023 Budget had taken the initial step to reset fiscal policy on a consolidation path, and the smooth implementation will ease debt sustainability concerns," Dr Addison said.

On her part, Ambassador Palmer expressed her gratitude to the governor and management of the bank.

She commended Dr Addison and management for the key role they had played in ensuring that the banking sector remained sound and safe, despite the economic challenges.

Ambassador Palmer pledged her office's support to Ghana as steps were taken to overcome the current economic challenges, emphasising on the need to use the opportunity to push through major economic reforms to permanently resolve the current economic challenges.

The Ambassador was accompanied by the Economic Section Chief of the US Embassy, Ms Stephanie Hutchison.

In the governor's team were the First and Second Deputy Governors, Directors of Research and Financial Markets and the bank's secretary.