Bank of Ghana opens policy deliberations to academia
Students of the University of Ghana have observed first‑hand how the Bank of Ghana’s (BoG) Monetary Policy Committee (MPC) determines the country’s benchmark interest rate.
The students participated in the 131st MPC meeting, where they were introduced to Ghana’s monetary policy framework, the role of the Committee, and attended technical presentations underpinning its deliberations.
Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, explained that the involvement of students in the monetary policy decision process was to move them beyond textbook understanding and prepare them for the future.
“Monetary policy is most effective when it is understood, trusted, and supported by the public,” he said.
Dr Asiama noted that while textbooks provided information on economics and the monetary policy process, the in‑person experience offered practical exposure to the extensive work preceding rate announcements.
“Through this initiative, we seek to demystify the monetary policy process by providing students with practical exposure to the analytical work, technical discussions and communication processes that underpin the Committee’s decisions,” he said.
The initiative forms part of the Bank’s inaugural Monetary Policy Committee Educational Observership Programme, designed to deepen public understanding of monetary policy and strengthen transparency.
Students listened to detailed assessments of macroeconomic conditions, inflation trends, global developments, financial markets and real sector performance, which informed the MPC’s decision.
Some participants said the experience clarified misconceptions, including the belief that the Governor alone determined policy rates.
“What we have observed shows that the decision is the result of thorough analysis, careful discussion and contributions from many experts. This is an opportunity for us to practicalise what we are learning,” one student said.
Faculty members, including Dr Jabir Ibrahim Mohammed, Senior Lecturer at the University of Ghana Business School, welcomed the initiative, describing it as an important bridge between academic learning and public policy practice.
“By opening aspects of that process to students, BoG is not only strengthening transparency but inspiring the next generation of economists to better understand the institution responsible for maintaining price stability and supporting the country’s economic development,” another faculty member said.
Source: GNA