Bank of Ghana’s operational mechanism ‘very pleasing’ – Prof. Aryeetey
At the launch of Ivor Agyeman-Duah’s comprehensive book on the Bank of Ghana, titled “Central Banking in Ghana and the Governors – Institutional Growth and Economic Development,” Professor Ernest Aryeetey, the Secretary General of the African Research Universities Alliance and former Vice Chancellor of the University of Ghana, praised the Bank’s operational mechanism, stating that it surpasses most public institutions.
Prof. Aryeetey highlighted the significant improvement in the Bank’s research output for both academic and public policy purposes compared to the structural adjustment era of the 1980s.
He attributed this progress to the Bank’s investment in building a high-quality human capacity over the past three decades.
Praising the Bank’s current leadership, he expressed his satisfaction with their endeavors. The Bank’s current leadership and what they are engaged in, Prof. Aryeetey said, “is very pleasing.”
The book launch, organized in Accra over the weekend by the London School of Economics Alumni Association and attended by the Bank of Ghana’s leadership, marked a milestone in capturing the Bank’s history and contributions.
The 553-page book, published by Hawkes Design and Publishing in the United Kingdom with a Ghana edition by Digibooks, has garnered praise for its extensive coverage and content.
Professor Aryeetey, known for his extensive work on the Ghanaian economy, called for the Bank to leverage its operational independence to engage other stakeholders in addressing pertinent issues that remain unresolved.
He specifically mentioned the imbalance of deposits and lending rates, which affect not only the manufacturing sector but also agriculture, small-scale businesses, and individuals, hindering desired growth.
Mr. Kwame Pianim, another prominent Ghanaian economist, described the book as “felicitous and voluminous, holding attention and going beyond the ordinary.” He commended the author, Ivor Agyeman-Duah, for his eclectic and broad professional background, evident throughout the narrative.
Baroness Valerie Amos, the Lady Companion of the Garter of the United Kingdom and the current Master of the University College of Oxford, jointly launched the book with Mr. Agyeman-Duah.
She emphasized the importance of Africa participating in global conversations with a unified voice, highlighting the need to shape the changing global financial architecture to benefit the continent.
Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, acknowledged the book as a reflection of the work of all the Bank’s Governors since its establishment.
He acknowledged that interpretations may differ based on the reader’s economic philosophy or ideology.
Dr. Opoku-Afari anticipated constructive public discourse on the book’s contents, serving as a valuable resource for central bankers, economists, academics, and students of economics.
In concluding the launch, the author, Ivor Agyeman-Duah, emphasized that the book was independently written, acknowledging that not all interpretations may align with the Bank of Ghana’s views.
He welcomed constructive critique and commentary from economists, academics, and other reviewers, aiming to stimulate intellectual discussions surrounding the book.
The launch of “Central Banking in Ghana and the Governors” celebrated the Bank of Ghana’s 65-year history while providing insights into its accomplishments, challenges, and potential areas of improvement.
Source: Ghana Business
