In honoring the launch of the book titled “Central Banking in Ghana and the Governors (Institutional Growth and Economic Development,)” the First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, has lauded the inflation targeting framework of BoG as the cornerstone of the central bank’s monetary policy formulation strategy.

The Deputy Governor noted that inflation targeting has emerged as the most robust strategy to achieve central banks’ objectives, including the Bank of Ghana’s.

Dr. Opoku-Afari emphasized the radical influence of this policy on Ghana’s growth trajectory, by drawing on Ivor Agyeman Duah’s book, which detailed the central bank’s 65-year history.

In his speech, Dr. Opoku-Afari expressed his appreciation for the author’s meticulous work, asserting that the book would not only deepen public understanding of the central bank’s operations but also illuminate the debated concepts of institutional operational independence and accountability within central banking.

Not limited to that, he further expressed confidence in the book’s value as an indispensable resource for central bankers, academics, and economics students both within and beyond the borders of Ghana.

The launch of “Central Banking in Ghana and the Governors (Institutional Growth and Economic Development)” provided a platform to celebrate Ghana’s central banking heritage, while reaffirming the Bank of Ghana’s pivotal role in shaping the nation’s economic landscape through its unwavering dedication to the inflation targeting strategy.

Inflation Declined To 30.3% In May 2023

According to the data released by the Ghana Statistical Service, Producer Price Inflation (PPI) went down by 4.0 percentage points in May 2023 to 30.3%, data from the Ghana Statistical Service revealed.

The decrease in PPI signified potential stabilization in pricing across industries, offering insights into the overall economic landscape

Decline in inflation — Decline in Inflation

While certain sectors, such as mining and quarrying, textiles, and pharmaceuticals, experienced higher inflation rates, the manufacturing sub-sector as a whole witnessed a slight decrease.

The commendation from the First Deputy Governor reflects the Bank of Ghana’s unwavering commitment to employing sound monetary policies to drive sustainable economic growth. As Ghana continues its journey towards financial stability and prosperity, the central bank’s inflation targeting framework stands tall as a testament to the effectiveness of prudent policy formulation and implementation.

These trends provide valuable information for policymakers, businesses, and investors, aiding in decision-making processes and contributing to the broader understanding of Ghana’s economic performance.