Inflation targeting framework is force behind Ghana’s economic growth – Dr. Maxwell Opoku Afari

The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku Afari, has indicated that the inflation targeting framework is the most robust monetary policy formulation strategy that has impacted positively the objectives of the Bank of Ghana.  

According to him, successive Governors have over the years employed the use of key monetary policy strategies that have aided in the economic development of Ghana.

The book titled “Central Banking in Ghana and the Governors (Institutional Growth and Economic Development)” authored by Ivor Agyeman Duah recounts the life and challenges of the 14 Governors who have directed policies over the past 65 years.

It further talks about how the Bank of Ghana has become a gold standard for inflation targeting, a monetary policy committee with its much-awaited monthly press release on the state of the economy.

Delivering his remarks at the launch of a book titled “Central Banking in Ghana and the Governors (Institutional Growth and Economic Development)” the First Deputy Governor, Dr. Opoku Afari underscored the critical roles played by the robust monetary policy formulation strategy utilized by past Governors which have immensely contributed to Ghana’s growth.

“Inflation targeting is deemed the most robust monetary policy formulation strategy that has impacted positively on the objectives of central banks, including the Bank of Ghana”, he mentioned.

He also added that the book will enhance public understanding of the workings of the central bank, particularly, the much-debated concept of the institutional operational independence and accountability of central banks.

He further commended the author of the book, adding that the book will serve as a useful resource for central bankers, academics and students of economics in and outside Ghana.