Board Chairman of Standard Chartered Bank Ghana, Dr Emmanuel Kumah, in a new book titled Money and Economic Growth, has examined the relationship and impact of money growth on economic growth in Ghana and Africa.
Describing money as a doubled-edged sword whose growth can be a powerful instrument for economic growth and yet inimical for economic growth when misused, Dr Kumah, in the book proffers practical ideas on how to stop monetary growth from causing unintended consequences in the economy.
Dr Kumah in the newly launched book argues that, preserving the value of money through policies and specific interventions to reduce inflation, is crucial to ensuring that money growth promotes economic growth.
“The book discusses how to harness the power of the growth of money to promote economic growth through policies, designed to preserve the stability of the value of money through specific interventions to reduce inflation drastically.”
“The book argues essentially that preserving the value of money is crucial to ensure that money growth promotes economic growth,” read excerpts from the book launched on Tuesday, March 30, 2021.
Speaking on his decision to author the book at the launch, Dr Kumah averred, “Often times I was asked that why does money often seems like a curse rather than a blessing, and as much as I answered those questions, I thought that my answers were incomplete and that much more analysis, depth and empirical work is required. And so to assuage my own conscience, I wrote the book.”
Adding the book is also to provide the platform for further discussions on money growth and how it influences economic growth.
Delivering her remarks as the Chairperson for the book launch, Chief Executive Officer (CEO) of Standard Chartered Bank Ghana, Mrs Mansa Nettey, noted the book will add to the body of knowledge and become a reference for economic development and transformation in Ghana and on the continent.
Also speaking at the book launch was Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), who opined that the book provides policy formulations that are radical but refreshing and offers food for thoughts for economic analysts and policymakers.
Present at the book launch was Governor of the Bank of Ghana (BoG), Dr Ernest Addison, CEO of Standard Chartered Bank Ghana and President of the Ghana Association of Bankers (GAB), Mrs Mansa Nettey, Professor Peter Quartey, Director of ISSER and the Moderator of the Presbyterian Church of Ghana, Professor Joy Mantey.
About Dr Emmanuel Oteng Kumah
Dr. Kumah is an International Economic Consultant and Advisor and has served in several high-profile roles including the International Monetary Fund (IMF), where he served for 25 years as Division Chief, IMF Resident Representative in Djibouti and Deputy Division Chief at the Balance of Payments and External Debt Division.
From 1993-1994, he was Coordinator and Advisor of the Research Department of the Bank of Ghana. He also served as Senior Advisor, Bank of Ghana from 1997 to
1999, where he provided key macroeconomic advice to the Government of Ghana.
Dr. Kumah has lectured at many institutions and written many articles on international finance and banking. He is currently the Board Chairman of StanChart Ghana.
