By Jibril Abdul Mumuni
Accra, March 21, GNA – A new book, authored by Professor Joshua Abor and Professor Peter Quartey, is set to significantly enhance the understanding and implementation of monetary policies in emerging and developing countries, including Ghana.
“Monetary Economics in Emerging and Developing Countries,” published by Routledge, addresses the unique challenges faced by developing nations, focusing on the peculiarities of their monetary policy dynamics.
Dr. Zakari Mumuni, Deputy Governor of the Bank of Ghana, highlighted the necessity for such a publication.
He noted that many existing texts did not adequately address the specific circumstances of emerging economies, where assumptions and models from developed nations often did not apply.
The Deputy Governor stated that the book provided practical case studies for students, policymakers, and researchers in those countries, emphasising its value for those involved in monetary policy and economics.
Professor Joshua Abor, a contributor to the book, further elaborated on the unique characteristics of emerging and developing economies that impacted monetary policy.
He cited underdeveloped financial markets, inefficient payment systems, and low levels of financial inclusion as key challenges developing countries.
“Monetary economics is a very interesting subject. Existing texts tend to pick studies from developed countries.”
“We thought that for students in developing countries, they need to understand how monetary policy, for instance, is formulated in a developing country context,” he said.
The author noted that the process of implementing monetary policies in developing countries is often complex and rigid.
He recounted the impact of global events, such as the COVID-19 pandemic, on the financial systems of developing economies, thus affecting the efficacy of their monetary policies.
The book launch, held at the Institute of Statistical, Social and Economic Research, was attended by key figures from the Bank of Ghana, the Ministry of Finance, Members of Parliament, and Heads of the University of Ghana Business School.
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