Ghana’s financial sector, as well as the banking industry, is expected to be deepened and move to higher heights to support socio-economic growth, as the Bank of Ghana (BoG) has appointed four new eminent advisors to the Bank.
With their expertise ranging from economics, finance, academia, banking, and regulation, among others, the move is expected to reinforce Ghana’s monetary policy direction amid evolving economic dynamics.
Governor of the Bank, Dr. Johnson Pandit Asiamah, announced these appointments on Wednesday at the opening of the 124th Monetary Policy Committee (MPC) meeting at the Central Bank’s headquarters in Accra.
The newly appointed advisors, as announced by the governor, are: Dr. John Kwabena Kwakye, Professor John Gartchie Gatsi, Dr. Francis Kumah, and Mr. Franklin Belnye.
After the announcement was made, the questions that are on the lips of many is “what do these advisors bring on board.”
A scrutiny by The High Street Journal reveals that the new advisors bring a powerful blend of international expertise, academic rigour, and central banking experience to the apex bank’s policy formulation table.
These appointments come at a time when the economy is witnessing a delicate turnaround. The Ghana cedi is putting up a fight against the US dollar, appreciating significantly in the past weeks; market confidence is on the rebound, and inflation is slowly but steadily trending downward.
The MPC’s deliberations over the next few days are expected to address the sustainability of these gains and assess long-term inflation prospects.
According to Dr. Asiama, the inclusion of the four advisors is “part of a broader effort to fortify the policy framework with deep expertise, practical insight, and innovative thinking.” He emphasized that their input would be instrumental in crafting robust responses to the country’s complex economic realities.
Who They Are and What They Bring
Dr. John Kwabena Kwakye
Dr. John Kwakye is a household name in Ghana’s economic landscape. He is currently the Director of Research at the Institute of Economic Affairs (IEA). He is a former IMF advisor and also a former Bank of Ghana executive, signalling his familiarity with the terrain.
Dr. Kwakye is known for his sharp critique of fiscal indiscipline and advocacy for sound monetary governance. His addition is expected to steer discussions toward fiscal-monetary coordination and macroeconomic stabilization. Also known for his belief that the monetary policy side alone of the equation is inadequate to curb inflation, he is likely to champion policies that address inflation at the root cause, through productivity, exchange rate discipline, and responsible public spending.
Professor John Gartchie Gatsi
Professor John Gartschie Gatsi is currently the Dean of the University of Cape Coast Business School. He is a chartered economist with expertise in finance. He brings a strong academic and regulatory background to the table.
Prof. Gatsi’s appointment signals a new emphasis on inclusive banking innovations. Widely known for his advocacy for Islamic banking, Dr. Asiama specifically highlighted Prof. Gatsi’s expected contribution to the implementation of non-interest (Islamic) banking. This move is anticipated to reshape access to credit and deepen financial inclusion, especially among underserved communities.
With his strong academic background, he is also expected to bridge the wide industry-academia gap, especially in the financial and banking sector.
Dr. Francis Kumah
Dr. Kumah is a former IMF Resident Representative and a veteran macroeconomist. With over 20 years of experience in global financial systems, Dr. Kumah’s inclusion is seen as a strategic move to strengthen Ghana’s interface with international financial institutions and to deepen monetary policy research.
He is expected to offer insights into managing external vulnerabilities and designing buffers against global shocks, especially in an era of tightening global financial conditions.
Mr. Franklin Belnye
Belnye is already a seasoned insider and a Director at the BoG, bringing continuity and regulatory oversight. His track record in banking supervision and financial integrity makes him the central figure expected to guide prudential policy and regulatory reforms.
Belnye’s expertise will be vital in ensuring that growth does not come at the expense of stability as Ghana continues to refine its banking sector post-recapitalization.
These appointments could be seen as part of a bigger agenda of strengthening the Central Bank to be able to effectively carry out its mandate. With Ghana’s current economic trajectory, when the priority now is stability, much will be expected from these advisors on the Bank of Ghana, in collaboration with the Central government, can maintain the momentum in the long term.
Ghanaians can only hope that their inputs significantly improve the quality of outcomes and translate into benefits for Ghanaians.
