Mr. Opoku-Afari addressing dignitaries at the launch of the book. INSET: The book on Central Banking Governors
Ghanaian economist and writer, Ivor Agyeman-Duah, has launched a well-researched book on Ghana’s banking system history titled “Central Banking in Ghana and the Governors: Institutional Growth and Economic Development”.
The 553-page book of 23 chapters recounts the life and challenges of the 14 governors (aside from the established governor) who have directed policies over the past 65 years.
The book also highlights soft power elements of Ghana’s exceptionalism pretensions as the shining Black Star of Africa: This is a symbol of hope and great exceptions in the intoxicating early days of political independence.
Speaking at the launch of the book, Mr. Agyeman-Duah indicated that the book was independently written with approval from the Bank of Ghana governor, Ernest Addison, making it easier for the cooperation of former governors and their families, those who shared their papers and family memoirs out of which new perspectives emerged.
He also noted that there were discoveries from the bank’s records, conversations, and observations with its security strategist. This was due to cooperation between banks and governors.
“This book is filled with iconic photographs telling their own stories of former heads of state and their ministers of finance and governors long departed since 1957 when the bank was established as a currency-issuing entity,” he said.
First Deputy Governor of the Bank of Ghana, Maxwell Opoku-Afari, on his part, said the bank supports the book’s publication due to its contribution to the literature on central banking in Ghana.
“The bank accepted to be part of this book launch because it focuses on central banking in Ghana. It also focuses on the key roles played by successive governors towards the achievement of the bank’s objectives and long-term sustainability, and ultimately the economic development of Ghana,” he added.
He emphasised that books and articles written on the Bank of Ghana hardly touch on the individual governors who have led the institution. They also fail to touch on the philosophies that underpin their economic and monetary policy decisions.
“This book, however, does that and would therefore contribute a long way to fill the gap in the body of knowledge on the economic thinking of the various governors that have transitioned through the bank,” he added.
In his concluding remarks, Mr. Opoku-Afari stated that the book would enhance public understanding on the workings of the central bank, particularly, the much-debated concept of the institutional operational independence and accountability of central banks.
BY Prince Fiifi Yorke