The Ghanaian national financial system was previously state-controlled. However, with the cascade of economic repercussions that followed privatisation in the 1990s, through to the 2008 Financial Crisis, the Bank of Ghana staged a plethora of interventions to stabilize the economy. Reforms such as higher capitalisation requirements, stronger micro-finance governance and digital banking were introduced, which have resulted in a more comprehensive and durable banking system.
In our latest webinar, as part of Max Bell Professor Nii Addy's Complexity Series, Dr. Ernest Addison, McGill Alumni and Governor of the Bank of Ghana, shared his insights as to how the Bank of Ghana managed to achieve arguably the most wide-spread clean up of financial services in the nation's history.
Dr. Ernest Addison
Co-Chair RCG for Sub-Saharan Africa
Governor, Bank of Ghana
Dr. Ernest Addison was appointed as the Governor of the Bank of Ghana and the Chairman of the Bank of Ghana Board in April of 2017. He has over 25 years of experience working in the central bank as well as in numerous international organizations.
Dr. Addison joined the Bank of Ghana in 1996, during which time he served on a number of committees, including the Open Market Operations Committee, Money Market Auction Committee, and Editorial Committee; he also served as secretary to the Financial Programme Implementation Committee and the Financial Policies Committee. In 2000, on secondment, he was appointed the chair of a Special Task Force set up by the Authority of Heads of State of ECOWAS to lead studies that culminated in the setting up of the West African Monetary Institute (WAMI). He was subsequently appointed Chief Economist at the institute. Dr. Addison returned to the Bank of Ghana in 2002, serving for nearly a decade as the Bank’s Director of Research.
At the African Development Bank, Dr. Addison worked as the lead regional economist for the Southern African region. In this capacity he led Dialogue Missions to many countries -- including Mauritius, Lesotho, Swaziland, Angola, and Zambia -- and led technical teams in preparation of New Country Strategy Papers (CSP’s) and mid-term reviews for Angola, Lesotho, Malawi, Mauritius, Mozambique, Sao Tome, and Zambia. He also directed the technical team for the study of the Indian Ocean Strategy, leading missions to Seychelles, Mauritius, and Madagascar.
Dr. Addison obtained his first degree in Economics from the University of Ghana, followed by an M.Phil. Degree in Economics and Politics from St. Edmunds College, Cambridge University, U.K. He then matriculated at McGill University in Montreal, Canada, where he obtained a Doctor of Philosophy (Ph.D.) in Economics degree with a specialization in Monetary Economics, Economic Development, and International Economics.
Assistant Professor (Research), Institute for the Study of International Development (ISID), McGill University
Complexity Seminar: Policymaking in a World of Business
Dr. Nii Addy is Assistant Professor (Research) at the Institute for the Study of International Development (ISID), McGill University. Prior to this, he was at the McGill Center for the Convergence of Health and Economics (MCCHE) in the Desautels Faculty of Management. Dr. Addy’s work focuses on developing, implementing, and assessing strategies and policies for institutional change in multi-stakeholder partnerships spanning societal sectors (businesses, public agencies, and civil society organizations) and industrial sectors (education, agriculture, nutrition, health, etc.). His interdisciplinary work combines qualitative and quantitative approaches, with the goal of informing how diverse stakeholders can work together effectively for sustainable development. He applies research in developing knowledge sharing tools, and in training leaders from various sectors as they engage in partnership processes for collective impact.
Economics professor and Director, Max Bell School of Public Policy; Chair of Canada’s Ecofiscal Commission
Christopher Ragan is a Canadian academic and economist. He is best known for his research on monetary policy, and for his popular introductory textbook, Economics, now in its fourteenth edition and co-authored by Richard Lipsey. He is chair of Canada's Ecofiscal Commission, a group of Canadian economists seeking to broaden the discussion of environmental pricing reform beyond the academic sphere and into the realm of practical policy application. He is an Associate Professor at McGill University, where he has been on the faculty since 1989. Throughout his tenure, he has taught a wide range of economics courses, both at the undergraduate and graduate levels. In 2007, he became the first in the Faculty of Economics to receive the H. Noel Fieldhouse teaching award for excellence in teaching. His research and academic writing is largely focused on Canadian public policy challenges, and since 2007, the policy responses to the financial crisis of 2007-2009. From 2010 to 2013, Ragan held the David Dodge Chair in Monetary Policy at the C.D. Howe Institute, a Toronto-based public policy think tank. Previously, he served as the Clifford Clark Visiting Economist at the Department of Finance, a Special Advisor to the Governor of the Bank of Canada, and member of the C.D. Howe Institute's Monetary Policy Council. From 1996 to 2000, he was Editor-in-Chief of World Economic Affairs. He has also been a columnist for numerous publications, including the National Post, the Montreal Gazette, the National Post Magazine, and most recently the Globe and Mail.