Head of Financial Markets at the Bank of Ghana (BoG), Dr. Zakari Mumuni has been nominated by President John Dramani Mahama as the First Deputy Governor of the central bank, pending approval by the Council of State.
His nomination comes in the wake of the exit of Dr. Maxwell Opoku-Afari and Elsie Awadzi, who previously served as First and Second Deputy Governors, respectively.
A distinguished central banker and researcher, Dr. Mumuni is known for his expertise in monetary policy and financial markets. He currently serves as the Director of the Financial Markets Department at BoG and is a member of the bank’s Monetary Policy Committee. His appointment comes at a crucial time, as Ghana navigates economic challenges, including inflation management, exchange rate stability, and financial sector reforms.
Dr. Mumuni’s expertise in financial markets and monetary policy will be crucial in his role as First Deputy Governor of the Bank of Ghana. His background in financial market operations will help him manage liquidity, exchange rate stability, and interest rate policies, ensuring efficient market functioning. His monetary policy experience, particularly in macroeconomic forecasting and inflation targeting, will strengthen BoG’s decision-making on price stability and economic growth.
With over 22 years of experience in central banking, public sector management, institutional capacity development, and macroeconomic policy analysis, Dr. Mumuni brings extensive technical expertise to his new role. His leadership in financial market operations and economic forecasting will be instrumental in shaping monetary policy strategies at BoG, especially following the departure of his predecessors.
Before heading the Financial Markets Department, he served as Head of Modelling and Forecasting in the Research Department, overseeing macroeconomic forecasts based on the bank’s main Macroeconomic Model – the Quarterly Projection Model (QPM). His expertise also spans financial programming, external debt monitoring, and debt sustainability analysis.
Dr. Mumuni’s prior role as Special Assistant to the Governor saw him coordinating engagements with the International Monetary Fund (IMF), the World Bank, multilateral and bilateral partners, and Ghana’s Ministry of Finance on key macroeconomic and monetary policy issues. His experience in high-level policy negotiations is expected to enhance BoG’s collaboration with global financial institutions.
His career began at Ghana’s Ministry of Foreign Affairs, where he served as a Foreign Service Officer in the Economic, Trade & Investment Bureau, gaining experience in bilateral and multilateral negotiations. Additionally, he has served as an adjunct professor at Ashesi University and a teaching assistant at the University of Ghana, Legon, further enriching his leadership and decision-making skills.
With his expertise in financial market operations, macroeconomic forecasting, and international financial engagement, Dr. Mumuni is expected to play a critical role in shaping the Bank of Ghana’s policy direction in his new capacity as First Deputy Governor, amid the leadership transition at the central bank.
