François Groepe: The changing role of the central bank in economic policy

Address by Mr François Groepe, Deputy Governor of the South African Reserve Bank, at the 60th anniversary celebration of the Bank of Ghana, Accra, 18 August 2017.

Governor Addison, distinguished guests, ladies and gentlemen.

It is a great honour for me to address you on this auspicious occasion. Thank you for the invitation.

The Bank of Ghana has been operating for 60 years. Much has changed over this period in terms of its role and operations. This is not surprising, as the historical backdrop in which central banks have had to operate has kept changing over the decades.

Central banks in the developing world often play a vital role in economic policymaking, but that role tends to change as the economy and financial markets develop and new institutional capacity evolves. This is true of many African central banks. Similarly, in the advanced economies, the role and even mandates of central banks have come under intense scrutiny and challenge, and many have found themselves with broader mandates and a wider scope of responsibilities in the wake of the most recent global financial crisis.