Millison Narh: "Credible communication strategies of central banks in the framework of monetary policy and financial stability" - closing address

Closing address by Mr Millison Narh, First Deputy Governor of the Bank of Ghana, at the 2017 Continental Seminar of the Association of African Central Banks (AACB) "Credible communication strategies of central banks in the framework of monetary policy and financial stability", Accra, 5 May 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

The Executive Secretary, AACB,

Colleague Central Bankers,

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1. I am delighted to be part of the 2017 continental seminar.  I am reliably informed that the deliberations were very fruitful.

2. Effective communication has now emerged as one of the most crucial and latest addition to the menu of monetary and financial stability policy tools at the disposal of central banks in our modern era. Within the framework of inflation targeting and market based, prudential regulation of financial institutions, the need to have an effective, well-coordinated and targeted communication strategy cannot be ignored by any central bank that wants to succeed in delivering the twin mandate of price and financial stability.