Archive for November 23rd, 2018

History of Standard Chartered Bank in West Africa/Ghana

November 23, 2018

These speeches are really useful to understand how western banks started businesses in other countries as foreign banks. And overtime became an integral part of the local economy.

Ernest Addsion, Governor of Bank of Ghana recently inaugurated a new headquarter building of Standard Chartered Bank in Ghana. His speech gives us a brief about the bank’s origins in Ghana:

It gives me great pleasure to be here today for the official launching of this new ultra-modern head office for Standard Chartered Bank (Ghana) Limited, and for the opportunity to make a few remarks on this occasion.

2. Standard Chartered bank has been a very successful Bank with a great tradition as a financial institution. Established as the Bank for British
West Africa (BBWA) during the colonial era, it predates all existing banks including the Bank of Ghana itself. The Bank’s slogan “Here for Good” provides a deep historical perspective to banking in Ghana and indeed in the entire West African sub region. The Bank has also been managed  largely by a Ghanaian workforce and it is a Ghanaian Bank by every standard.

3, Mr. Chairman, the overall contribution of Standard chartered to the banking industry in Ghana is not in doubt. Its history is intertwined with the
socio-economic development of Ghana. It remains one of the top tier banks in terms of total assets and deposits of the industry. The Bank has also
contributed churning out of astute professional bankers who have moved on to serve other institutions in the industry. It has also supported lending
to various sectors of the economy such as mining, utilities, construction, agriculture, manufacturing, and services. More recently, the bank has gone
through some transformation based on its business model re-engineering to reposition itself as a major player in the industry.

Wiki link of BBWA gives some more history. Fair bit there as well. The journey started from 1891 and was eventually taken over by Standard Chartered in 1965.

Why did France lag England (and much much more)..

November 23, 2018

This is a fascinating interview of Prof John Nye. It is done by Tyler Cowen (who else).

Is John Nye the finest polymath in the George Mason economics department?

Raised in the Philippines and taught to be a well-rounded Catholic gentleman, John Nye learned the importance of a rigorous education from a young age. Indeed, according to Tyler he may very well be the best educated among his colleagues, having studied physics and literature as an undergraduate before earning a master’s and PhD in economics. And his education continues, as he’s now hard at work mastering his fourth language.

On this episode of Conversations with Tyler, Nye explains why it took longer for the French to urbanize than the British, the origins of the myth of free-trade Britain, why Vertigo is one of the greatest movies of all time, why John Stuart Mill is overrated, raising kids in a bilingual household, and much more.

He is quite a Polymath..

France vs England:


Choosing the best monetary policy framework for Canada..

November 23, 2018

Canada is undergoing a review of its monetary policy framework:

In 2021, the Bank of Canada and the Government of Canada will renew their agreement on Canada’s inflation-control target. First signed in 1991, the agreement is renewed every five years and provides a vital touchpoint around which to frame the Bank’s broader ongoing research into issues related to monetary policy frameworks. 

Nice speech by Carolyn Wilkins, DG of Bank of Canada who reviews the various frameworks:


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