The Ghanaian center-right is buzzing about Mahamudu Bawumia's new book, which is billed as the first comprehensive book about Ghana's monetary policy. The Oxford University economist (who is a member of Ghana's center-right New Patriotic Party) is a former First Deputy Governor of the Bank of Ghana. Gabby Asare Otchere-Darko, the libertarian-conservative head of the Danquah Institute (Ghana) gives a thumbs up to the book: "While effortlessly suppressing his political bias, what comes clear in the book is the author’s passion for Ghana’s development. He believes the only way forward is for Ghana to move from a cash-based economy to an electronic payment based economy. He uses a project he engineered, the e-Zwich, to show the possibilities. But, adds that it can only be possible if it is given particular political push."
Mr. Otchere-Darko continues his book review: "He moves on to indicate that to move from a cash-based economy, the banks have to stop being elitist. And, a myriad of policies cannot bring interest rates down unless our saving habits improve and the supply of savings improves. The experience of other more developed economies shows the key to sustainable low interest rates is to increase access of the population to financial services alongside maintaining macroeconomic stability. Macroeconomic stability on its own is insufficient. Part of the solution, he believes, is to rapidly increase the concept of rural banking."
More about Dr. Bawumia's seminal book: "Bawumia, a passionate believer in Ghana’s potential to think big and act big, is opposed to government interference and uses Ghana’s own development experiences and experiments to make the case that state-ownership or reliance on the International Monetary Fund (IMF) and donor support cannot be the solution. He makes the point that one of the keys to dealing with the problem of fiscal dominance and its threat to macroeconomic stability is empowering the private sector to deliver projects and services that can be done more efficiently by it or in partnership with government."
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Bawumia Takes Noise Out Of Ghana's Political Economy
