Accra: Dr. Johnson Asiama, Governor of the Bank of Ghana, has announced the launch of the Bank of Ghana Chair in Finance and Economics at the University of Ghana, emphasizing the need for robust dialogue and collaboration to develop transformative economic ideas. The Chair is inaugurated as a strategic investment in the nation's intellectual and policy future, reflecting the Central Bank's enduring commitment to knowledge, research, and nurturing future thinkers to shape the financial landscape.
According to Ghana News Agency, the Chair signifies a strategic partnership between the Bank of Ghana and the University of Ghana to advance economic thought and policy. It aims to foster knowledge growth, bridge the gap between policy and academia, and mentor future economists and policymakers. During his address on the theme 'From Cowries to Crypto,' Dr. Asiama traced Ghana's monetary evolution from barter systems to digital finance, highlighting the role of trust in monetary systems and the need to adapt to technological advancements.
Dr. Asiama noted Ghana's leadership in mobile money and the e-Cedi pilot, as well as forthcoming regulations for Virtual Asset Service Providers (VASPs). On the topic of challenges and opportunities in African monetary policy, he discussed how inflation stabilization progress in Africa was disrupted by global shocks such as COVID-19, the Ukraine war, and climate change. He pointed out that Ghana experienced severe inflation and currency depreciation in 2022 but rebounded in 2025 due to disciplined policy and IMF support.
Dr. Asiama urged banks to reevaluate their investment models, noting that rising investments in government securities were limiting private sector credit. He emphasized that persistently high interest rates are unsustainable and called for banks to adjust their business models to support broader economic growth by lending more to Ghanaian enterprises. He also stressed the importance of transparency in exchange rate regimes to maintain credibility.
Dr. Asiama acknowledged the critical role of universities in policy innovation and critique. He stated that the Chair should encourage collaboration on issues such as inflation modeling, digital currencies, and financial inclusion. Looking ahead, he mentioned plans for joint research initiatives, policy labs with real-time data, and curriculum development in central banking and macroprudential policy. The Governor also announced the Future Leaders Fellowship to support top graduates with global exposure and national impact, urging Professor Alagidede to advance monetary research and encourage students to participate actively in national economic discourse.
Professor Yegandi Imhotep Paul Alagidede, the newly appointed Bank of Ghana Chair in Finance and Economics, critiqued Africa's monetary history and called for a reimagining of its financial future in his inaugural lecture. He argued that inflation targeting in Africa is ineffective due to its structural nature rather than demand-driven factors. He proposed a monetary system based on Resource-Based Monetary Sovereignty (RBMS) that leverages Africa's real resources like gold, cocoa, energy, and labor.
Prof. Alagidede suggested the development of a resource-backed digital cedi (dCedi) beginning with gold and cocoa and expanding to solar, shea nuts, and verified land value. He called for the amendment of the Bank of Ghana Act to support developmental finance, enabling the central bank to assist strategic sectors through resource-backed frameworks.
Prof. Nana Aba Appiah Amfo, Vice-Chancellor of the University of Ghana, remarked that the partnership with the Bank of Ghana underscores a shared aspiration to produce knowledge that is both locally relevant and globally resonant. She emphasized that the establishment of the Bank of Ghana Chair demonstrated a profound recognition of the need for scholarly work that is pertinent to the African context, aiming to link rigorous academic investigation with policymaking to promote industry growth, job creation, and widespread development.
