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Business News of Tuesday, 8 August 2017


New 1st Deputy Governor to shape monetary policy – Prof. Bokpin

Ghana should be on the path of achieving a strong monetary policy regime which is also in line with internationally accepted practices.

That is the assertion of Economist, Professor Godfred Bokpin following the appointment of Mr. Maxwell Opoku-Afari as the First Deputy Governor of the Bank of Ghana.

According to him, Mr. Opoku Afari’s international exposure and experience, should culminate in meeting the Bank of Ghana’s key monetary plans.

“I see it rather to be a positive development rather than it bringing a conflict; there shouldn’t be any problem at all I am quite happy to the extent that we are getting somebody who is well qualified; academically has got that international exposure and having worked with the IMF.”

Mr. Opoku Afari takes over from Mr. Milison Narh who retired in a letter to President Akufo Addo last week.

Until his appointment, he was a Deputy Division Chief of the International Monetary Fund (IMF).

This also succeeded his service as a senior economist with the Fund.

Some may have viewed Mr. Opoku-Afari’s appointment as critical considering the NPP’s position on the IMF’s relation and impact on Ghana’s economy.

But Professor Godfred Bokpin explains to Citi Business News the new Deputy Governor’s exposure will impact greatly on his work.

“That will also help in terms of proper signaling effect in the market that we are getting people in charge of our monetary regulatory conduct, regulation and all of that who know exactly what they are about and who have the international exposure and respect and therefore will be able to bring their independent judgements to bear in monetary policy deliberation and prescriptions.”