opening address delivered at the 2017 continental seminar of the association of african central banks ( aacb ) by dr johnson p. asiama second deputy governor, bank of ghana theme : credible communication strategies of central banks in the framework of monetary policy and financial stability at movenick ambassador hotel on may 03, 2017 mr. chairman, the executive secretary, aacb, facilitators on the theme & sub - themes, technical experts from our respective central banks distinguished guests, ladies and gentlemen, introduction 1. it is a pleasure to join you at this all important continental seminar of the association of african central banks ( aacb ). i wish to first thank the aacb for choosing ghana as the host and also warmly welcome all delegates, especially the first time visitors. 2. mr. chairman, i consider the sub - theme for this seminar session, “ credible communication strategies for central banks in the framework of monetary policy and financial stability, ” timely because of the emerging role of communication as a tool to shape expectations towards achieving the core mandate of price stability. therefore, my opening remarks will briefly touch on monetary policy formulation in africa and the move towards incorporating communication in the monetary policy formulation process. monetary policy in africa 3. mr. chairman, africa is a continent of developing and emerging economies therefore policies are broadly aimed at promoting economic growth, poverty reduction and development. in the recent past, most african central banks assumed developmental roles by directly intervening in the real sector of the economy. with this role, monetary policy formulation in the early 1970s was directed at financing large fiscal deficits incurred in the pursuit of accelerated growth and development. the monetary accommodation of fiscal deficits and in some instances direct controls on interest and exchange rates resulted in severe financial repression. 4. the independence of central banks then was largely non - existent and government economic policies were mostly directives for state institutions, including the central bank. central bank communication was limited to regulatory and supervisory guidelines issued periodically to financial institutions under its control. economic agents seeking information had to depend on ex - post publications to conjecture the stance of monetary policy pursued during the course of the year. 5. mr. chairman, with paradigm shifts on monetary policy making in the global economy, it became clear that the direct instruments were not only devoid of market or price signals but also distortionary in the allocation of resources. the prevalence of state - owned banks in africa at the time further perpetuated such distortions as political directives informed the allocation of financial resources to the economy.

paul a acquah : fifty years of central banking in ghana welcome address by dr paul a acquah, governor of the bank of ghana, at the bank of ghana ’ s 50th anniversary celebrations launch, accra, 31 july 2007. * * * your excellency the president of the republic of ghana, distinguished invited guests board of directors colleagues and staff ladies and gentlemen i deem it a great pleasure and honour to welcome you all to this important ceremony to launch the 50th anniversary celebration of the bank of ghana. fifty years of central banking is a significant milestone in the history of any institution and more significant as it coincides with the 50th anniversary of the nation. and we are privileged to have h. e president john agyekum kufour, with us here today to launch the programme of celebrations. the first president of the republic of ghana, dr. kwame nkrumah, inaugurated the bank at its inception, and it is now for this president, his excellency, to grace this occasion, to usher us in the next 50 years. your excellency, we very much appreciate that you have taken this time to come. let me also recognize the presence of the former governors and deputy governors of the bank who have helped steer this institution and in various ways shaped its history. to mark the bank ’ s 50th anniversary, we have put together a week long programme which attempts to capture the historical and organic life of the bank. exhibition of old currencies, documentation, and pictures would be mounted to outline how the functions of the bank have evolved over time. in the rich tradition of oral history, public interaction and presentations by past governors would amount to a guided tour of the history of the bank. we are crowning the celebrations with a high level international symposium on the theme “ central banking and the millennium development goals ”, which in a sense should frame the bank ’ s role in advancing to the middle income status and towards a fully industrialized economy. ladies and gentlemen, on occasions like this, it is in order to recount some of the history of the bank. and, we have prepared for us a commemorative history book of the bank, which will be launched by his excellency the president today. the bank ’ s policies and activities have been shaped by changing conditions over the years. the bank of ghana ordinance ( no. 34 ) of 1957 clearly defined the role of the bank to suit the circumstances at that time. from the optimism that