First Deputy Governor of the Central Bank, Dr Maxwell Opoku-Afari, has opined that all narratives about inflation targeting framework have been deemed as the most robust monetary policy formulation strategy.
According to him, the framework has impacted positively on the objectives of central banks, including the Bank of Ghana.
He made the remarks at the launch of a book titled “Central Banking in Ghana and the Governors (Institutional Growth and Economic Development)” which was authored by Ivor Agyeman-Duah.
Dr Opoku-Afari further shared that all narratives contained in the book about direct control and inflation targeting, expansionary and contractionary monetary policy stance and contemporary monetary strategies have also been insightful.
“Even though this book could be deemed as a mirror that reflects the work of all governors of the Bank since its establishment, but like the mirror, the reflection on the work of any of the governors may invariably differ depending on the reader’s economic philosophy or ideology,” he noted.
“I am certain that the discussion on monetary policy and many other contents of the book will provide a good basis for constructive and intellectual public discourse on the author’s views and assertions.
Similarly, I trust that the author, being a seasoned scholar and academic, will readily respond to any constructive critique and commentary that may arise from economists, academics and other reviewers of this book,” Dr Opoku-Afari added.
He, however, commended the author for extensively writing the book as part of efforts to fill the gap in the body of knowledge on the economic thinking of the various governors that have transitioned through the Bank.
“The Bank is indeed supportive of the book’s publication due to its contribution to the literature on central banking in Ghana, with emphasis on monetary policy, and regulatory and supervisory operations of the Bank.
We do acknowledge that books and articles written on the Bank of Ghana hardly touch on the individual governors who have led the institution and the philosophies that underpinned their economic and the monetary policy decisions,” he concluded.
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Dr. Maxwell Opoku-Afari is first Deputy BoG Governor