Ghana’s experience with inflation targeting was of great value to the Bank of Uganda and influenced its decision to adopt a similar monetary policy framework in 2011; a framework which has proved very successful in controlling inflation.
These familiar questions have taken on new significance in light of the post-crisis emphasis on the financial system as a whole, including the varieties of shadow banking. So too the differing circumstances and legal systems of notable financial jurisdictions, which raise anew the question of how much international harmonization is ultimately desirable.