Dr Paul A. Acquah, Governor of the Bank of Ghana, has been awarded Central Bank Governor of the Year at the prestigious African Banker Awards 2008.
According to a statement from the organizers of the event, African Banker Awards and Associate Group Publisher of IC Publications, Dr. Acquah, together with his team of technocrats at the Central Bank, has brought rapid changes to the banking system in Ghana, culminating in this achievement.
“They have successfully re-denominated their currency as well as successfully issued the first Eurobond, sub Sahara's first outside of South Africa, and he has pushed a consolidation of the banking sector in Ghana with some great success.”
The statement added that the independence and competence of the country's banking system has also been key to his policy.
Dr Acquah has overseen the stabilization of the sector, based around institutions with a significant capital base, it added.
A former International Monetary Fund senior economist, Dr. Acquah, believes a strong and independent banking system should be at the heart of the government's growth strategy.
For the first time in 35 years, the Cedi has actually appreciated with respect to the dollar. In November 2003 the cedi was ¢9,500 to $1 and today it is around ¢9009 to $1.
According to the organizers, Ghana's economy has been transformed by dint of the efforts of Dr. Acquah, who took over six years ago when the country was on the brink of disaster.
A citation written by Omar Ben Yedder, Chairman of the organizing committee of the African Banker Awards and Associate Group Publisher of IC Publications and read in honour of the Governor at the awards ceremony stated: “Dr Acquah was born in Juabo, a village in the Western Region of Ghana.
“He is a graduate of the University of Ghana and Yale University in Economics, and as well obtained a Ph. D at the University of Pennsylvania, USA. He joined the IMF as a young economist.
Rising through the ranks, he eventually became deputy director for the Africa Department in 1998.”
From Business Desk