Governor of BOG - Banker of the Year for Africa

Paul Acquah - Governor, Central Bank of Ghana

Ghana's economy has been transformed by dint of the efforts of Paul Acquah, the governor of the central bank. When he took over six years ago, the country was on the brink of disaster. Today it is the envy of all Africa with a solid and reliable growth rate, inflation under control and a substantial internal economy.

The basis of Mr Acquah's success has been tough discipline and a commitment to the sound and unflinching implementation of monetary policy. Price stability has been at the core of the policy pursued by this former International Monetary Fund (IMF) official, who spent 25 years in Washington. He became the IMF's deputy director for Africa and a powerful force in the multilateral organisation.

Jerome Booth, head of research at Ashmore Investment Management, says: "The central bank team under his leadership, together with key officials in the finance ministry, have overseen a home-grown reform programme, which has significantly enhanced the government's credibility. They have also led the way for a number of African governments with Ghana's recent highly successful debut bond offering."

An indication of the global market's enthusiasm for Ghana was the success of the $750m bond, which stunned the markets with its audacity. It was the first of its kind by an African country, and is likely to be a harbinger of many others from poorer African countries.

Raising the standards of management at the central bank has been key to Mr Acquah's success. He has brought in some extremely able officials and his insistence on global-standard skills and competence has made this a formidable institution.

The independence and competence of the country's banking system has also been key to his policy. Mr Acquah has overseen the stabilisation of the sector, based around institutions with a significant capital base. He believes a strong and independent banking system should be at the "heart of the government's growth strategy". His drive for full capital account convertibility is directed at stimulating inward investment into Ghana, and ultimately greater global trade. Mr Acquah is a central bank governor with a large vision and the will and ability to deliver it.