BoG Appoints Prof. Gatsi, Dr. John Kwakye, 2 Others as Advisors to Help Strengthen Monetary Policy Formulation
The Bank of Ghana (BoG) has appointed four new advisors to support its monetary policy formulation efforts and enhance macroeconomic stability amid ongoing recovery in investor sentiment and currency performance.
The newly appointed advisors are Dr. John Kwabena Kwakye, Director of Research at the Institute of Economic Affairs (IEA); Prof. John Gatsi, Dean of the University of Cape Coast Business School; Dr. Francis Kumah, a seasoned economist and former IMF Resident Representative; and Franklin Belnye, a former Head of Banking Supervision at the Bank of Ghana.
Announcing the appointments at the opening of the 124th Monetary Policy Committee (MPC) meeting in Accra on Wednesday, May 21, 2025, BoG Governor Dr. Johnson Pandit Asiama described the quartet as “distinguished professionals with deep technical expertise and policy insight.”
According to Dr. Asiama, the appointments form part of ongoing efforts by the central bank to modernise its policy framework and introduce more diverse, data-driven perspectives into the decision-making process.
“These advisors are expected to contribute meaningfully to robust and evidence-based monetary policy outcomes that are responsive to Ghana’s evolving macroeconomic landscape,” he noted.
He further highlighted that Prof. Gatsi’s inclusion would also advance Ghana’s ongoing implementation of non-interest (Islamic) banking, in line with efforts to expand financial inclusion and diversify banking products.
Crucial Timing for Policy Guidance
The MPC’s meeting comes at a pivotal moment, as the central bank assesses the sustainability of the Ghana cedi’s recent gains—up 19% year-to-date—alongside signs of renewed market confidence and softening inflationary pressures both globally and domestically.
Markets are closely watching for signals from the MPC on the policy direction, particularly regarding the policy rate, as inflation gradually eases and external financing conditions improve.
The Committee’s next policy rate decision is expected to be announced at a press briefing on Friday, May 23.
