Governor, Bank of Ghana Paul Acquah of Ghana
Paul Acquah received the award, the audience shouted "The value is the same" which is the catchphrase for the Ghanaian cedi redenomination in process at present.
Paul Acquah said globally both emerging and industrialized countries are experiencing economic showdown and rising unemployment.
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Mr Acquah is a central bank governor with a large vision and the will and ability to deliver it.
Dr Acquah was born in Juabo, a village in the Western Region of Ghana.
Paul Acquah has been awarded Central Bank Governor of the Year at the prestigious African Banker Awards 2008.
Acquah has been driven to a considerable extent by rise in crude oil prices and its impact on the domestic market.
Speaking at a press conference in Accra, Dr Acquah said food price inflation which stood at 9.
Lloyd Evans of the Daily Graphic tried to make the best out of a very dire situation when he wrote: The Governor of the Bank of Ghana, Dr Paul Acquah has stated that despite the high crude oil prices and the food crisis, the economy has been resilient and robust in terms of output with economic activity proceeding at a pace above trend.
Dr Acquah said the increased oil bill for the first quarter was the result of the increasing prices on the world market.
Dr Acquah said the preliminary estimates indicated that the current account recorded a deficit of US$725.
Answering questions at a press conference in Accra, Dr Acquah said current developments in the economy, especially the rising oil and food prices, did not provide enough hope for the attainment of the goal of single-digit inflation by end of year.
On whether the Government needed to revise downwards its economic growth projections, Dr Acquah said the general assessment of economic prospects remained strongly positive although the uncertainty about inflation had weighed down business and consumer confidence.
But Dr Acquah said the increase in the rate was necessary to ensure a stable macro-economic environment, which was essential for the long-term growth of the economy.
Despite the uncertainty, Dr Acquah said the economy continued to show good and robust performance and both business and consumer expectations about the economic prospects for the rest of the year remained generally positive.
Dr Acquah said evidence from the Banks survey of credit conditions indicated increased access to credit by both enterprises and households and the easing of credit conditions was broad based with small and medium enterprises gaining improved access to credit.
Dr Acquah said preliminary banking data of the fiscal position for the first quarter of 2008 showed buoyant revenue growth matched by sharp expenditure growth.
through September 2007 showed a strong assets growth of 56.
indicated that broad money (M2+) grew by 33.
impressive ceremony on the fourth floor of the J.
Speaking at a press conference after a meeting of the MPC, Dr Acquah said a review of the performance of the economy showed that the effect of the turmoil had been minimal.
Dr Acquah said Ghanaian banks' investments exposure abroad were currently within internationally acceptable prudential limits and were being held with reputable financial institutions.
Dr Acquah said the economy could be affected in the medium to long term when there was a slowdown in demand for commodity with the global recession and spiral in oil prices.
There are definitely lots to be done about our archaic Banking system in Ghana, and it looks like Acquah is trying.
Paul Acquah said a total of about sixty six point two million US dollars was spent on the printing and educational campaign of the redenomination exercise.
Charity begins in the womb; discipline at home.
Dr Acquah has overseen the stabilization of the sector, based around institutions with a significant capital base, it added.
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.
Acquah described the ezwich payment system as one of the best mode of bank transactions to happen to this country, adding that this will allow secure and prompt completion of transactions, which is an essential condition for good economic performance even in the best macroeconomic policy environment.
Acquah expressed happiness, saying his nomination demonstrates that the Central Bank has technocrats who could help use their expertise to transform the economy.
Briefing the press on the state of the economy by the Monetary Policy Committee of the BoG, Dr Acquah said headline inflation had remained stable within a narrow band above the single digit target for the year.
Acquah said there was also the need to adjust energy and utility tariffs adding all these together with fiscal stimulus and demand pressures working through the system mean a potential for build-up of inflationary pressures.
Dr Acquah said the central bank would continue with the reforms in the financial sector as they provided the necessary foundation on which the economy would become the financial centre in the West African sub-region and launch into global competition for savings and investments.
engage in retail, merchant, and development banking.
Acquah says that local banks are still a little cautious.
strategy based on the misfortune of others.
Governor Acquah said banks are using "their strong financial position to shift their lending portfolios in favour of private sector lending funded by a surge in deposits in the banking system.
Monetary Policy Committee Chairman Paul Acquah said until January this year foreign exchange earnings for the country recorded just a little over a $1 billion for November and December 2007.
Governor Acquah said the overall effect of these price movements is that the economy's core terms of trade improved somewhat compared with a deterioration for the same period in 2007.