JICA-RI Representative Gives Presentation on "Financial Regulation in Low-Income Countries: Balancing Inclusive Development with Financial Stability" in Ghana

Open Seminar on September11

On September 10 and 11, JICA-RI Senior Research Adviser (SRA) Akio Hosono made presentations at the two-day conference entitled “Financial Regulation in Low-Income Countries: Balancing Inclusive Development with Financial Stability.” The Overseas Development Institute (ODI) hosted a workshop and an open seminar in Accra, the capital city of Ghana.

 

The event, which was organized as part of ODI’s international research project, brought together a wide range of participants including: Ernest Aryeetey, Vice-Chancellor of the host country’s University of Ghana; Dr. Dirk Te Velde, Head of the International Economic Development Group of ODI; Professor Stephany Griffith-Jones of Columbia University; Dr. Henry Kofi Wampah, Governor of the Bank of Ghana; Dr. Usha Thorat, former Deputy Governor of the Reserve Bank of India; and Dr. Felix Asante, Director of the Institute of Statistical Social and Economic Research (ISSER).

 

Hosono SRA, one of the presenters, spoke under the theme of “Development finance for structural transformation and inclusive growth: Asian experience,” where he first overviewed roles of development financial institutions in East Asia. He pointed out that the East Asia governments created financial institutions to provide long-term loan with low interest rates, helping their countries to promote economic development through industrialization and infrastructure building. They at the same time encouraged inclusive development by providing credit to agriculture and small and medium firms. Next he explained about industrialization in Asia using prominent cases that in Japan, Korea and Taiwan, development banks played an important role in industrialization. On the other hand, in ASEAN countries where industrialization coincided with the expansion of foreign direct investment and financial globalization, public financial institutions in general stimulated inclusive growth, supporting mainly small and medium industries and agriculture.

 

Furthermore, Professor Griffith-Jones together with researchers from Ghana, Nigeria, Kenya, and Ethiopia pointed out the need for further development of the financial system in Sub-Saharan Africa, stressing that the financial institutions in the region should take initiative in enhancing inclusive development. They also addressed that African governments can learn lessons from the experience of East Asia and India despite the different backgrounds.

 

Day	September 10, 2013(Tue) - September 11, 2013(Wed)
Place	University of Ghana