these benefits are known as ecosystem services. some of these ecosystem services are air quality, climate ( both global co2 sequestration and local ), water purification, pollination, and prevention of soil erosion. while scientists and environmentalists have discussed ecosystem services for decades, these services were popularized and their definitions formalized by the united nations 2004 millennium ecosystem assessment ( ma ), a four - year study involving more than 1, 300 scientists worldwide. the study grouped ecosystem services into four broad categories : provisioning, such as the production of food and water ; regulating, such as the control of climate and disease ; supporting, such as nutrient cycles and crop pollination ; and cultural, such as spiritual and recreational benefits. if the world ’ s economies are rationally organized, it would suggest that biodiversity and ecosystem services must have less economic value than the economic activities giving rise to its loss. many of the activities that threaten biodiversity have lower economic value, but the market does not recognize the economic value of biodiversity and eco system services and that is the reason for loss of biological diversity. if we can address this issue, there is a chance of addressing biodiversity loss. the reason why market value fails to capture intrinsic economic value is because of the gap between what is good for the individual and what is good for society – the problem of externality. the other reason is the time horizon factor viz. the initial returns and long term sustainability of the returns. again, what may be worth preserving from a global perspective may not be affordable from a national perspective. hence if we have to make rational allocation of natural resources from a global societal and inter - generational perspective, one will need to attribute monetary values to biodiversity and the costs and benefits should include such values for decision making. the ongoing challenge of prescribing such value to nature is critical in how we recognize and manage the environment, social responsibility, business opportunities, and our future as a species. in a speech at the financial student association, amsterdam, on 28 april 2009, andrew g haldane, executive director, financial stability, bank of england, drew an interesting parallel between the recent global crisis and ecosystems. he cited the collapse of fisheries that came to a head during the 1970s. and 1980s, leading to the imposition of fishing quotas for various species. in setting quotas, no account was taken of interaction between species and the surrounding eco - system. relating this to the global crisis, he observed that the existing regulatory rules for financial institutions

closing address delivered by mr. millison narh first deputy governor, bank of ghana at 2017 continental seminar of the association of african central banks ( aacb ) at movenick ambassador hotel on may 05, 2017 the executive secretary, aacb, colleague central bankers, distinguished guests, ladies and gentlemen, introduction 1. i am delighted to be part of the 2017 continental seminar. i am reliably informed that the deliberations were very fruitful. 2. effective communication has now emerged as one of the most crucial and latest addition to the menu of monetary and financial stability policy tools at the disposal of central banks in our modern era. within the framework of inflation targeting and market based, prudential regulation of financial institutions, the need to have an effective, wellcoordinated and targeted communication strategy cannot be ignored by any central bank that wants to succeed in delivering the twin mandate of price and financial stability. 3. as was mentioned, the importance of having a carefully planned communication strategy is well captured in the statement by a deputy governor of the federal reserve bank of new zealand, that ‘ central bank ’ s pronouncements have economic and social impact. ’ 4. to this end my colleague, the second deputy governor of bank of ghana, challenged you to find answers to three important questions at this seminar : a. how should central banks manage communication in times of financial crisis? b. how does effective communication enhance central bank credibility and effectiveness of monetary policy and for maintaining stability in the financial sector? and c. what lessons should we learn from cross - country experiences in central bank communications strategies? 5. i hope the various expert presentations and the plenary sessions have helped you enhance your knowledge and understanding of these and other pertinent issues bordering on communication in the central bank. 6. some of the key points gathered at this seminar include but not limited to the following : a. that effective central bank communication requires a consciously designed strategy in line core mandates, the adoption of the most suited medium, and with specific target audience in mind ; b. there is also the need to have specific strategies for monetary policy and financial stability. but the effectiveness of adopted strategies should be assessed regularly through surveys and feedback in order to adjust to the changing circumstances ; c. finally, the issue of consistency in message, proper coordination and adequate funding of communication activities must not be underestimated. 7. colleague governors and i would surely be expecting to receive the communique from this seminar to help us consider