Maxwell Opoku-Afari
Maxwell Opoku-Afari | |
|---|---|
| Alma mater | University of Ghana, University of Nottingham |
| Occupation | Economist |
| Years active | 2000s–present |
| Known for | First Deputy Governor of the Bank of Ghana |
Maxwell Opoku-Afari is an economist from Ghana currently serving as the First Deputy Governor of the Bank of Ghana, a position he has held since August 7, 2017. In this capacity, he significantly influences the development of Ghana’s monetary policies and economic planning.
Prior to this role, Opoku-Afari accumulated experience at the International Monetary Fund (IMF) and dedicated 13 years to the Bank of Ghana. During his tenure there, he was promoted to lead the Special Studies Division within the Research Department between 2005 and 2006, followed by his service as Special Assistant to the Governor from 2006 until his exit in 2009.
Education
Opoku-Afari completed his secondary education at Pope John Senior High School and Minor Seminary from 1987 to 1989. He holds a bachelor's degree combining economics and statistics, as well as an MPhil in economics, both awarded by the University of Ghana, Legon. He earned his Ph.D. in economics from the University of Nottingham in 2004.
Career
Before assuming the Deputy Governor role, Opoku-Afari joined the International Monetary Fund (IMF) in December 2009, where he advanced to Deputy Division Chief and Mission Chief. He was responsible for overseeing the IMF’s Regional Economic Outlook for sub-Saharan Africa and acted as Mission Chief for Mauritius, guiding policy dialogues on financial sector reforms, macro-financial interactions, fiscal and monetary strategies, and growth initiatives. Additionally, he contributed to the IMF's Strategy, Policy and Review Department.
During his IMF tenure, he engaged in negotiation missions across countries in Africa and the Caribbean, managing programs for nations including Rwanda, Zambia, Jamaica, and São Tomé and Príncipe. He also evaluated policy frameworks for multiple developing countries.
Before joining the IMF, Opoku-Afari spent over a decade at the Bank of Ghana, ascending to Head of the Special Studies Division (2005–2006) and later serving as Special Assistant to the Governor (2006–2009). He was also part of Ghana's Capital Markets Committee between 2006 and 2008.
His work at the IMF focused on advancing monetary policy frameworks and understanding macro-financial linkages. He co-authored influential IMF publications such as “Modernizing Monetary Policy Frameworks in Low and Developing Countries” and “Monetary Policy Conditionality for Countries with Evolving Monetary Policy Regimes,” which have informed reforms across various developing economies. Opoku-Afari has contributed extensively to literature on topics including monetary policy, inclusive economic growth, short-term output indicators for low-income nations, aid impact assessment, capital flow dynamics, and real exchange rate behavior.
Other positions
In his capacity as First Deputy Governor of the Bank of Ghana, Opoku-Afari holds influential roles in several government bodies and committees focused on financial governance and policymaking, including:
- Board Member, Bank of Ghana (since August 2017)
- Member, Monetary Policy Committee, Bank of Ghana (since August 2017)
- Alternate Governor representing Ghana at the IMF (since October 2017)
- Expert Member, Government of Ghana Post-COVID-19 Economic Revitalization Team (since March 2020)
- Alternate Chairperson, National Payments Systems Advisory Council (since December 2019)
- Chairperson, Governing Council of Ghana Fixed Income Market (since August 2017)
- Board Member, Ghana Minerals Income Investment Fund (since January 2019)
- Board Member, Ghana Interbank Payments and Settlement Systems (GhIPSS) (since August 2017)
- Board Member, Ghana Revenue Authority (since August 2017)
- Board Member, Ghana Investment Promotion Centre (since January 2018)
- Board Member, Ghana Data Protection Commission (since January 2018)
- Chairperson, Governing Council of National Banking College (since August 2017)
- Chairperson, Board of Ghana Central Securities Depository (since August 2017)
- Chairperson of African Rural and Agricultural Credit Association (AFRACA), Nairobi (August 2017 – July 2019)
- Deputy Chair and Member of the Board, Ghana International Bank PLC (UK-regulated) (since January 2018)
- Co-chair and Member, Economic Policy Coordinating Committee for Government of Ghana (since August 2018)
- Lead Presenter to Investors for all Government of Ghana Sovereign Bond Issuances (since August 2017)
Works
During his tenure at the IMF, Opoku-Afari concentrated on shaping policies, with a particular emphasis on updating monetary policy frameworks and exploring macro-financial interconnections. He contributed as a co-author to influential IMF Policy Papers such as Modernizing Monetary Policy Frameworks in Low and Developing Countries and Monetary Policy Conditionality for Countries with Evolving Monetary Policy Regimes, which serve as foundational guides for reform initiatives across numerous developing nations. His prolific body of work addresses topics including monetary policy, strategies for inclusive economic growth, short-term output measurement in low-income countries, the effectiveness of aid, capital flow dynamics, and real exchange rate behavior.
Highlighted publications include:
- 2000: “A Review of the Literature on Financial Sector Reform and its Impact on the Poor: Any Lessons from Ghana?” (collaborated with E.K.Y Addison and M. Bawumia), supported by the ILO and the Government of the Netherlands.
- 2004: “Measurement of Real Effective Exchange Rate (REER) in Ghana,” CREDIT Research Paper 04/11, University of Nottingham.
- 2004: “Real Exchange Rate Response to Capital Inflows: A Dynamic Analysis for Ghana,” CREDIT Research Paper 04/12 (co-authored with O. Morrissey and T. Lloyd).
- 2005: “The Future of Domestic Capital Markets in Developing Countries,” Journal of International Development, volume 17, issue 8, pages 1097–1098.
- 2007: “Capital Flows and Current Account Sustainability: The Ghanaian Experience,” CREDIT Research Paper 07/07.
- 2009: “Fiscal Effects of Aid in Developing Countries: A Comparative Dynamic Analysis,” featured in Development Aid: A Fresh Look (with T. Lloyd, M. McGillivray, and O. Morrissey).
- 2012: “Tracking Short Term Dynamics of Economic Activity in LICs in the Absence of High Frequency Data,” IMF Working Paper 12/119 (with S. Dixit).
- 2013: “Inclusive Growth: Application of the Social Opportunity Function to Selected African Countries,” IMF Working Paper 13/139 (in partnership with O. Adedeji and H. Du).
- 2014: “Exchange Rate Dynamics and Monetary Integration in the East African Community,” submitted to the Journal of African Economies (co-authored with S. Cuiabano).
External links
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- Governors of Bank of Ghana
- Banking in Ghana
- University of Ghana alumni
- Alumni of the University of Nottingham
- Ghanaian Christians
- International Monetary Fund people
- Bank of Ghana
- Ghanaian economists
- Pope John Senior High School and Minor Seminary alumni
- Year of birth missing (living people)
- Living people