Editorial: Coordination among central banks crucial

Cross-border coordination among central banks in Africa has assumed greater importance as economies become increasingly interdependent and exposed to shared external shocks.

This consideration was highlighted with overriding consensus at the of the two-day Pan-African Central Bank Governors’ Conference in Accra opening session – jointly organised by the Bank of Ghana (BoG), Bank of England (BoE) and Foreign, Commonwealth and Development Office (FCDO).

The conference drew governors and deputy governors from more than 20 African central banks to consider how leadership, governance and collaboration are evolving in the monetary policy environment.

BoG Governor Dr. Johnson Pandit Asiama argued that because African financial markets are no longer insulated, central banks must move beyond national-only responses and embrace coordinated frameworks.

The BoG Governor observed that economic interdependence in Africa – through trade, capital flows and shared vulnerabilities – means that one country’s shock can quickly transmit to its neighbours, making coordinated policy responses essential.

“In today’s world, independence can no longer mean isolation,” Dr. Asiama added. He noted that credibility and public trust now rank as high as technical competence in assessing central-bank performance.

Dr. Asiama also highlighted the importance of collaboration with external partners, describing BoG’s long-standing relationship with the Bank of England as “transformational”.

The partnership strengthened BoG’s technical capacity and served as a model for institutional development and policy credibility across Africa.

He further called on African central banks to deepen peer-learning networks, data-sharing arrangements and interoperability of regulatory and payment frameworks in order to build regional resilience.

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