Dr. Asiama Outlines Five Dimensions of Complexity Facing Modern Central Banking
Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has called on African central bank governors to reimagine their roles beyond traditional monetary policymaking, describing central banks as “custodians of public trust” responsible for sustaining confidence in national economies.
Speaking at the BoG/Bank of England Pan-African Central Bank Governors’ Conference in Accra, Dr. Asiama outlined five dimensions of complexity confronting central banks—economic, political, market, public perception, and technological transformation—stressing that these challenges “test the limits of leadership” in modern central banking.
He noted that central banks today are expected to ensure price stability, safeguard financial soundness, and support economic growth amid imperfect data and rising public expectations. “We must translate models into judgment, and judgment into policy, all in real time, with impatient citizens,” he remarked, adding that the balancing act between competing political and market interests remains a daily test of judgment and courage.
Highlighting the growing impact of technology and artificial intelligence on monetary policy operations, Dr. Asiama warned that central banks must “adapt swiftly and boldly or risk losing relevance.” He urged closer coordination between monetary and fiscal authorities, prudent reserve management, and the establishment of stronger response mechanisms to external shocks.
The two-day conference, jointly hosted by the Bank of Ghana and the Bank of England, has drawn central bank governors, deputy governors, and senior officials from across the continent. Discussions are focused on macroeconomic stability, exchange rate management, inflation targeting, digital currencies, fintech innovation, and regional policy coordination, all aimed at building resilient and integrated financial systems across Africa.
