With the help of the Bank of Ghana (BoG), a book titled “Central Banking in Ghana and the Governors (Institutional Growth and Economic Development)” was released in Accra.
First Deputy Governor of the BoG, Dr. Maxwell Opoku-Afari, stated during the book’s launch that the Bank agreed to participate because the book primarily focused on central banking in Ghana, the crucial roles played by subsequent Governors in achieving the Bank’s goals and long-term sustainability, and ultimately the country’s economic development.
He praised Mr. Ivor Agyeman-Duah, the author, who has written extensively and contributed to several publications; this time, the subject is Ghana’s central banking system.
The First Deputy Governor stated that the Bank favored the book’s release because it added to the literature on central banking in Ghana and focused on the Bank’s regulatory and supervisory activities and monetary policy.
“We do acknowledge that books and articles written on the Bank of Ghana hardly touch on the specific governors who have led the institution and the philosophical foundations for their monetary and economic policy decisions,” he said.
“This book, however, does that, and as a result, would significantly address the knowledge vacuum about the economic theories of the numerous governors who have served as the Bank’s governors. Thus, I take this occasion to thank the author for their vision and efforts in publishing this book on behalf of Governor Addison.
Without a doubt, I think that this book will improve the general public’s awareness of how central banks operate, notably the hotly contested idea of the institutional operational independence and responsibility of central banks.
“Although my duty at this conference prevents me from reviewing this book, which will be done shortly by another speaker, please allow me to provide a few comments on the development of the tactics and formulation of monetary policy discussed in the book. The author’s explanation of the monetary policy tools struck me as intelligent, particularly the discussion of direct control, inflation targeting, the expansionary and contractionary stances of monetary policy, and modern economic tactics.
In all these accounts, inflation targeting is the most reliable method for forming monetary policy that has had a favorable effect on central banks’ goals, including those of the Bank of Ghana.
“Even while this book could be seen as a mirror that reflects the work of all Bank governors since its founding, the reflection on the outcome of any governor will necessarily vary based on the reader’s economic philosophy or ideology. I’m confident that the book’s treatment of monetary policy, among many other topics, will serve as a solid foundation for an informed public debate on the author’s opinions and claims. As a seasoned academic and researcher, I also have faith that the author will be open to constructive criticism and commentary from other academics, economists, and reviewers of this book.
“Despite this, this book will be a helpful resource for scholars, central bankers, and economics students inside and outside Ghana. Therefore, I wholeheartedly endorse Ghana’s central banking system and its governors (Institutional Growth and Economic Development),” remarked Dr. Opoku-Afari.