By: Nana
Appiah Acquaye
Bank of Ghana Governor Dr
Johnson Pandit Asiama has called for the modernisation of monetary policy
frameworks to enable central banks to respond more effectively to an
increasingly uncertain global economic environment.
He made the call at the
High-Level Forum on the Modernisation of Monetary Policy Formulation and
Implementation held at the Kempinski Gold Coast Hotel in Accra.
Dr Asiama outlined recent
reforms by the Bank of Ghana aimed at strengthening the formulation,
implementation, communication and forecasting of monetary policy.
“For policymakers, the
challenge is not simply to respond to the shock of the day. It is to build
monetary policy frameworks that are robust enough to withstand uncertainty,
flexible enough to adapt to changing circumstances, and credible enough to
anchor expectations,” he said.
The Governor also stressed
the importance of clear communication and effective monetary policy
transmission, particularly in ensuring that policy decisions are understood by
financial markets and ultimately reflected in economic activity.
“It is about reducing the
distance between the policy we intend, the policy the market understands, and
the policy the economy ultimately experiences,” he said.
The two-day forum brings
together central bankers and policymakers to share experiences, exchange
practical ideas and deepen collaboration on strengthening monetary policy
frameworks.
