Cross border coordination among African central banks has emerged as an urgent priority as economies face increasing interdependence and shared vulnerabilities to external shocks, according to consensus reached at the opening session of the Pan-African Central Bank Governors’ Conference in Accra.
The two day conference, jointly organized by the Bank of Ghana (BoG), Bank of England (BoE), and the Foreign, Commonwealth and Development Office (FCDO), brought together governors and deputy governors from more than 20 African central banks to examine how leadership, governance, and collaboration are evolving in the monetary policy environment.
Bank of Ghana Governor Dr. Johnson Pandit Asiama stressed during his address that Ghana’s stabilization journey demonstrates the value of credible policy execution and international cooperation. He argued that African financial markets are no longer insulated, compelling central banks to move beyond national responses and embrace coordinated frameworks.
Dr. Asiama noted that economic interdependence in Africa through trade, capital flows, and shared vulnerabilities means that one country’s shock can quickly transmit to its neighbors, making coordinated policy responses essential. He stated that the continent operates in a context where volatility in one market can shift conditions across the region before sunrise, demanding that central banks act with speed but never haste and prudence but never paralysis.
The governor emphasized that in today’s world, independence can no longer mean isolation. He noted that credibility and public trust now rank as high as technical competence in assessing central bank performance, explaining that central banks are no longer judged only by the policies they set but also by the trust they sustain.
Dr. Asiama drew attention to Ghana’s recent recovery, which has seen inflation drop from a peak of 54.1 percent at the end of 2022 to 8 percent for October 2025 while international reserves have risen to over USD 11 billion and the cedi has appreciated by more than 34 percent against the US dollar since the beginning of the year. He attributed these gains to discipline, transparency, and credibility that underpin effective central banking.
The governor argued that coordination extends beyond harmonizing instruments to aligning communication and institutional frameworks. He compared monetary and fiscal authorities to two drummers playing different rhythms, noting that stability requires harmony between them. Dr. Asiama recalled how provisioning liquidity, regulatory relief, and dynamic policy responses during the COVID-19 crisis demonstrated competence but also highlighted the need for well prepared, cooperative institutions.
Dr. Asiama emphasized that African central banks demonstrated notable resolve during the recent global inflation surge, with over 20 raising rates by an average of 750 basis points between 2022 and 2024. He characterized this as faster and sometimes braver action than their advanced economic peers, calling it credibility in action.
Research by the Bank for International Settlements’ Financial Stability Institute published in November 2024 found that macro prudential policy relaxations in sub Saharan Africa during the COVID-19 pandemic helped boost bank lending, illustrating that coordinated financial sector responses can support resilience during global shocks.
However, Dr. Asiama warned that beneath Africa’s economic progress lies persistent fragility. While growth is projected at 4.1 percent in 2025, above the global average, and inflation is easing from the 21 percent average of 2023, the continent still contends with high borrowing costs and fiscal strains that can undo years of reform within months.
On communication, Dr. Asiama argued that context appropriate messaging is crucial for policy effectiveness. He explained that in Ghana, transparency must wear local clothes, meaning monetary policy communication must be grounded in local realities. He stated that a policy is only credible when it makes sense to the woman selling tomatoes down the road.
Dr. Asiama highlighted the importance of collaboration with external partners, describing the Bank of Ghana’s long standing relationship with the Bank of England as transformational. He said the partnership had strengthened the central bank’s technical capacity and served as a model for institutional development and policy credibility across Africa.
British High Commissioner to Ghana Dr. Christian Rogg praised the collaboration between the two central banks, noting that it reflects a shift in the UK’s engagement with Africa from aid driven support to partnerships based on shared expertise and institutional strengthening. He described the collaboration as having evolved through some of the most turbulent economic years, standing as a model for regional cooperation.
Clare Lombardelli, Deputy Governor for Monetary Policy at the Bank of England, said the Accra meeting builds on years of regional workshops aimed at strengthening governance and accountability across African central banks. She emphasized that strengthening bonds between central banks makes responding to global challenges easier when institutions govern together.
The conference, themed “Central Bank Governance: Leadership, Credibility, and Resilience in African Central Banking,” is part of the long standing Bank of Ghana–Bank of England Technical Cooperation Programme. Since 2018, the programme has supported 21 African central banks in strengthening macroeconomic modeling, financial stability, climate risk supervision, and institutional governance.
