Research Director

Dr John Kwabena Kwakye

Dr. John Kwabena Kwakye is the Director of Research at the Institute of Economic Affairs (IEA), Ghana. Dr. Kwakye is also a member of the Monetary Policy Committee (MPC) of Bank of Ghana. Previously, Dr. Kwakye was the Director of Research at the Institute for Fiscal Studies (IFS), Ghana, Advisor to the Executive Director at the International Monetary Fund (IMF) in Washington D.C., Assistant Director at the Bank of Ghana, and Deputy Director at the National Development Planning Commission (NDPC), Ghana.

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In addition to his extensive research and policy analysis work at IEA and IFS, Dr. Kwakye has also had research engagements with the African Economic Research Consortium (AERC) in Kenya and the National Bureau of Economic Research (NBER) in the United States. Dr. Kwakye has written and published extensively, including in the areas of monetary economics, monetary policy, fiscal policy, international finance, open-economy macroeconomics, financial markets, economic growth and economic development. Dr. Kwakye taught at various times at the Economics Department of the University of Ghana in the undergraduate, master of philosophy and master of economic policy management programmes.

Dr. Kwakye holds a Ph.D (Economics) degree from the University of Reading in the United Kingdom, M.Sc. (Economics) degree from the University of Ghana, B.Sc.(Hons)(Physics) Degree from Kwame Nkrumah University of Science and Technology and a Qualifying Certificate in Law (QCL) from the University of Ghana.

A List of Dr. Kwakye’s Articles/Publications

“The Ghana Heritage Fund: To Save or To Spend?”, Mimeo, March, 2017

“Economic Policy Priorities for the New Government”, Institute for Fiscal Studies, Policy Brief,  No.2, Jan 2017, (co-authored with IFS research staff).  

“An Evaluation of the Second Review by the IMF Board of Ghana’s Extended Credit Facility- Supported Program, 2015-17”, Institute for Fiscal Studies, Occasional Paper No. 6, May 2015, (co-authored with IFS research staff).     

“Rethinking Central Banking: Bank of Ghana as an Agent of Fiscal Restraint”, Institute Economic Affairs (IEA) (Ghana), Monograph (mimeo), 2015.

“Reforming Bank of Ghana to Become an Effective Agent of Fiscal Restraint”. Institute of Economic Affairs (IEA) (Ghana), Legislative Alert (mimeo), 2015.

 “Searching for Alternative Resources to Replace Non-Effective Aid”, Institute of Economic Affairs (IEA) (Ghana), Monograph (mimeo), 2015.

“Why Ghana Should Search for Nonaid Development Resources”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert (mimeo), 2015.

“Reforms to Reduce Ghana’s Budget Deficit, Borrowing and Debt”, Institute of Economic Affairs (IEA) (Ghana), Monograph (mimeo), 2015.                          

 “The Budget Gap Should be Narrowed to Reduce Borrowing and Debt”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert (mimeo), 2015.

“Agriculture and Manufacturing Should be Directly Supported and Not Left to Their Fate”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert (mimeo), 2014.    

“Evolution of Ghana’s Real Economy and the Prospects for Sustained Growth and Employment Generation”, Institute of Economic Affairs (IEA) (Ghana), Monograph (mimeo), 2014.

“Budget Discipline Should Be Entrenched in Ghana As A Policy Priority”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 21, No.1, August 2014.  

“Righting the Ills of Budget Preparation, Implementation and Oversight in Ghana” Institute of Economic Affairs (IEA) (Ghana). Monograph No. 39, 2014.

“Urgent Policy Interventions Are Needed To Foster Financial Intermediation And Reduce The High Cost of Credit In Ghana”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 21, No.2, March/April 2014.  

Financial Intermediation and the Cost of Credit in Ghana, Institute of Economic Affairs (IEA) (Ghana), Monograph, No. 36, 2014.

The Answer to the Cedi’s Weakness is to Address the Economy’s Fundamentals, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 19, No.11, November/December 2013.  

The Genesis and Solutions To Ghana’s Current Economic Crisis, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 20, No.6, November/December 2013.  

“The Price of Leadership Failings In Ghana: Part I”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 20, No.5, September/October 2013.  

“Does Ghana Risk Returning To HIPC Status?” Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 20, No.3, May/June 2013.  

“Determination of Real Exchange Rate Misalignment for Ghana”, Institute of Economic  Affairs (IEA) (Ghana), Monograph No. 31, 2013.

“Five Years of Inflation-Targeting in Ghana: What Has Changed and What Needs to Change Further to Enhance the Process?”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 20, No. 1, January/February 2013.  

“Key Issues in the Choice of an Appropriate Monetary Policy Framework for Ghana”, Institute of Economic Affairs (IEA) (Ghana). Monograph No. 32, 2013.

“Ghana’s Fiscal Policy Must be turned from an Instrument of Instability to One of Stability and Growth”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, mimeo. 2012.     

“Fiscal Policy, Macroeconomic Instability and Debt: the Case of Ghana”, Institute of Economic Affairs (IEA) (Ghana), Monograph, Mimeo, 2012.

“Ghana’s Middle-Income Status Has Several Gaps That Need to be Filled”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 19, No.10, August/September, 2012.  

“Ghana Still Has Several Challenges to Overcome Despite its Rise to Middle-Income Status”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 19, No.6, June/July 2012.  

“Ghana’s Middle-Income Reality Check: Part II: Social and Infrastructure Dimensions”, Institute of Economic Affairs (IEA) (Ghana). Monograph No. 30, 2012.

 “Ghana’s Middle-Income Reality Check: Part I: Economic Dimension”, Institute of Economic Affairs (IEA) (Ghana), Monograph No.29, 2012.

“The Petroleum Sector Should be Fully Deregulated and Depoliticized in the National Interest”, Institute of Economic Affairs (IEA) (Ghana), Legislative Alert, Vol. 19, No. 6, November/December 2011.  

 Africa’s Long Road to Development: It Is Not Just Economics, But Also History, Politics, Political Economy, And Leadership, Frontiers Printing & Publishing Ltd., Accra, Sept.2011

“Africa Can and Must Overcome Its Addiction to Foreign Aid”, Institute of Economic Affairs (IEA), Legislative Alert, Vol. 19, No. 4, July/August 2011.  

“Overcoming Africa’s Addiction to Foreign Aid: A Look at Some Financial Engineering to Mobilize Other Resources”, Institute of Economic Affairs (IEA) (Ghana) Monograph No.32., Aug. 2011.

“African Countries Should Take Control of Their Economic Destiny and Not Mortgage it to Washington”, Institute of Economic Affairs (IEA) (Ghana) Legislative Alert, Vol. 19, No.1, Jan. 2011.   

“Mitigating the Costs of “Washington Consensus” Policies: Titbits for Ghana and Other African Countries”, Institute of Economic Affairs (IEA) (Ghana) Monograph No.31, July 2011.

“Liquidation of the TOR Debt: Why Securitization Is A Better Option Than Recovery Through Petroleum Prices”, Institute of Economic Affairs (IEA), Legislative Alert, Vol. 19, No.2, March/April 2011.  

“Assessment of Inflation Trends, Management, and Macroeconomic Effects in Ghana”, Institute of Economic Affairs (IEA) Monograph No. 28, Accra, Ghana, October 2010.

“High Interest Rates in Ghana: A Critical Analysis”, Institute of Economic Affairs (IEA) (Ghana), Monograph No. 27, July 2010.

“The Global Financial Crisis and Its Impact on Ghana—Challenges and the Way Forward”, A Paper written for The Institute of Economic Affairs (IEA), Accra, Ghana, June 2009.

“Hastening the pace of economic growth: what can Ghana learn from South East Asia?”, Mimeo, February, 2006.

“Anti-social behavior of Ghanaians—an attitude or systems problem?” Mimeo, May 2006.

 “Responding to the current energy crisis in Ghana—it cannot be business as usual”, Mimeo, May 2006.

 “Is there a real alternative to the International Monetary Fund in Africa?”, paper presented at Economics students’ seminar, Oberlin College, Oberlin, Ohio, USA, January 2006.

 “The West African Monetary Zone: To Be or Not to Be?”, Mimeo, August 2005.

 “The Case for Petroleum Sector Deregulation Should be Taken Directly to the People”, Mimeo, June 2005.

“The Case for Deregulation of the Petroleum Sector in Ghana”, Mimeo, March 2005.

“Monetary Policy in Ghana, 1970–97”, Research Department, Bank of Ghana,  2000. 

“External Negotiations on Macroeconomic Policy Reform and Financing: The Role of Economic Researchers—The Case of Ghana, AERC, 2000, (co-authored with Dr. F. Gockel.)  

“Monetary Union and A Single Currency Within ECOWAS: How Feasible?” in Regionalism and Regional Integration—The Way Forward, Legon Centre for International Affairs (LECIA), 1999.

“The Macroeconomics of Rapid and Sustainable Growth”, ISSER Millennium Seminar Series, 1999.

“Some Perspectives on Macroeconomic Developments in Ghana in the Nineties”, Research Department, Bank of Ghana, 1999   .

“Ensuring a More Effective Monetary Policy Through Separation of Open Market Operations and Government Debt Management”, Research Department, Bank of  Ghana, 1999.

“Procedures for Developing a Book Entry System for Treasury Bills”, Treasury Department, Bank of Ghana, 1998, (co-author with Treasury Dept. staff).

“Monetary and Financial Developments” in The State of the Ghanaian Economy Report,1997, Institute of Social, Statistical, and Economic Research (ISSER), University of Ghana, 1998.

“Monetary Policy in the Context of Structural Adjustment: The Ghanaian Experience”, paper presented at DSE Seminar on Monetary Policy and Cooperation, Nairobi, Kenya, October 1996.

“Inflation Management by Bank of Ghana: the Strategies, the Difficulties, and the Way Foward, Inflation Management Roundtable”, Akosombo, Ghana 1996, (co-authored with Research Dept. staff).

“Elasticity Pessimism or Devaluation Pessimism?: the case of Ghana”, AERC, 1996, (co-authored with Dr. H.A.K. Wampah).

“A Framework for Open Market Operations”, Research Department, Bank of Ghana, 1994.

 “Inflationary Trends and Control in Ghana”, AERC, Research Paper 22,1993, (co-authored with Dr. N.K. Sowa).

“IMF Stabilization Programmes and Developing Countries: A Case  Study of Ghana”, Ph.D. Thesis, University of Reading, Reading, United Kingdom, 1987.

“An Econometric Analysis of Price Behaviour in Ghana”, M.Sc. Thesis, University of Ghana, Legon, 1981.

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