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BoG appoints Prof. Gatsi, Dr. Kwakye, and Dr. Kumah as MPC Advisors

Prof . Gatsi

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BoG appoints Prof. Gatsi, Dr. Kwakye, and Dr. Kumah as MPC Advisors

A new era for monetary policy in Ghana
In a bold move to fortify Ghana’s macroeconomic resilience, the Bank of Ghana (BoG) has appointed three of the country’s most respected economists—Dr. John Kwabena Kwakye, Prof. John Gatsi, and Dr. Francis Kumah—as advisors to its Monetary Policy Committee (MPC). The appointments were announced by Governor Dr. Johnson Pandit Asiama at the commencement of the 124th MPC meeting on May 21, 2025.

Governor Asiama described the trio as “distinguished professionals with deep technical expertise and policy insight,” noting their pivotal role in enhancing evidence-based monetary policy decisions amid Ghana’s ongoing economic recovery.

Meet the Advisors: Depth and diversity of expertise
Each appointee brings a unique blend of experience and vision to the committee:

Dr. John Kwabena Kwakye is the Director of Research at the Institute of Economic Affairs (IEA), known for his incisive economic commentary and policy recommendations. His inclusion signals a commitment to academic rigor and public accountability.

Prof. John Gatsi, Dean of the University of Cape Coast Business School, is celebrated for his nuanced understanding of Ghana’s financial system. His expertise in banking law and macroeconomic management is expected to influence broader financial reform, including the country’s move toward non-interest (Islamic) banking.

Dr. Francis Kumah brings global experience, having served as an IMF Resident Representative. His international outlook is anticipated to be invaluable as Ghana navigates complex external shocks and seeks to align local policies with global financial dynamics.

Strategic timing: Navigating recovery and currency stability
The appointments come at a pivotal time. With the cedi showing signs of stability and inflationary pressures gradually easing, the BoG is recalibrating its policy tools to sustain economic gains. Governor Asiama emphasized the need for robust advisory input to navigate global uncertainties and support inclusive growth.

“These strategic appointments transcend mere additions,” he noted. “They represent a deliberate effort to modernize and diversify the perspectives that inform our monetary decisions.”

Market eyes May 23 policy rate decision
The MPC’s upcoming decision on the policy rate, expected this Friday, May 23, will be the first to benefit from the enhanced advisory structure. Analysts and market observers are keenly watching how the new advisors may shape outcomes—particularly regarding interest rate direction, inflation targeting, and exchange rate strategies.

As Ghana continues its post-crisis recovery, the BoG’s move to elevate the role of expert advice underscores a broader shift toward transparent, data-driven governance. The inclusion of these high-caliber economists marks a significant step in building a resilient, forward-looking central bank.

A stronger foundation for economic stewardship
With these appointments, the Bank of Ghana sends a strong signal of intent—to not only steer the economy through current challenges but also to lay the foundation for sustainable long-term growth. As the nation watches the next MPC decision unfold, confidence is building that Ghana’s monetary future is in capable hands.

Prof . Gatsi African Editors

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