welcome address delivered by dr ernest addison governor, bank of ghana at bank of ghana 60th anniversary lectures and exhibition at kempinski hotel, accra on august 18, 2017 your excellency, the president of the republic of ghana, your excellency, the vice president of the republic of ghana, distinguished invited guests board of directors colleagues and staff ladies and gentlemen 1. i deem it a great pleasure and honour to welcome you all to this important ceremony which climaxes the celebration of 60th anniversary of the bank of ghana — a significant milestone which is intertwined with the rich history of ghana ’ s independence. this indeed calls for both celebration and sober introspection. before i proceed any further, let me say that we are privileged to have h. e. president nana addo dankwa akufo - addo to grace the occasion. your excellency, we very much appreciate taking time off your busy schedule to come. we also recognize the presence of h. e vice president alhaji dr. mahamudu bawumia, the speaker of parliament, rt. honorable prof. aaron mike ocquaye, and the chief justice, her ladyship sophia akuffo. 2. i would also like to take this opportunity to recognize governors from sister institutions on this continent : governors from bceao, kenya, lesotho, mauritius, guinea, mozambique, and deputy governors from south africa, botswana, nigeria, sierra leone, and zambia. and finally, i also acknowledge the presence of former governors and deputy governors, who in various ways provided invaluable services to the bank of ghana and shaped this unique course of history. 3. your excellency, the chosen theme for this anniversary celebrations, “ celebrating 60 years of central banking : achievements, challenges & prospects ”, creates a platform for sober reflection on our past and what was achieved, and where we are heading as a central bank. we have a series of planned events which chronicles the evolution of the bank of ghana, including a high - level symposium on emerging issues that directly affect the bank ’ s operations. we have also put in place an exhibition of old currencies, documentation and pictures to capture the bank ’ s nostalgic memories. 4. your excellency, in line with the theme for the anniversary, we highlight some achievements as well as challenges faced in the execution of our mandate of price stability. 5. the historical roles of central banks in most developing countries, including ghana

a wide range of asset prices, to be forward - looking in its aim of maintaining low and stable inflation, and to be ready to respond to changes in the signposts. the remarkable degree of stability that the uk economy has enjoyed over the past decade has been less evident over the past twelve months. growth slowed and inflation rose above target. but after a period driving along a smooth new highway, a change to a more challenging road surface does not, as i said recently to the house of lords economic affairs committee, mean that the wheels are coming off the economy ; rather, it tells us that there are somewhat more and somewhat larger bumps on the road. monetary policy can try to avoid some of the worst bumps, but it cannot ensure a flat road surface. nevertheless, growth has picked up and inflation has fallen back close to its 2 % target. our central view remains one of steady growth and low inflation. but there are risks to that central view emanating from the rest of the world and we shall watch developments in world capital markets carefully. by keeping inflation close to the target, and so doing what it can to maintain economic stability, the monetary policy committee aims to allow you and other businesses to follow the signposts which guide a market economy. i cannot finish without reminding you that tomorrow is the 300th anniversary of the birth of benjamin franklin, arguably the greatest of the american founding fathers. during his lengthy stays in england, benjamin franklin visited kent many times. to celebrate his tercentenary the american brewing association has produced a new recipe for franklin ’ s favourite beer. the hops recommended for the recipe are kent goldings. despite the fears of the demonstrators on hop saturday in 1908, the kent hop industry has not disappeared altogether. the area under planting is certainly much smaller, but research in centres such as wye college has produced the new hedgerow hops which are recognised worldwide. employment in kent, though, has moved into new and more productive sectors. adapting to changes in the external environment is not easy for any of us - whether running a business or setting monetary policy - but if we do adjust the benefits will accrue, if not to everyone immediately then to the great majority over the years to come.