Advisory Board

CGF receives strategic input from world-class international advisors



The Advisory Board of the CGF consists of international eminent persons from across four types of stakeholders:

  • Policy makers with first rate experience relating to financial sector reforms, in particular, and broad economic reforms, in general;

  • Private sector practitioners who have been (or are currently) involved in business transformation that aims to enhance livelihoods in low income African countries;

  • Civil society and other third sector actors who are actively involved in monitoring the interplay between international and local developments that shape policy and practice in financial inclusion;

  • Top researchers who have the experience or are currently involved in cutting-edge work in economics, finance or interdisciplinary investigations.

The main terms of reference (ToR) of the Advisory Board include:

  • To participate in workshops and focus groups of the CGF

  • To generate strategic input into the CGF so that research impact is meaningful, in the sense that research is influenced directly by the needs of stakeholders and the areas of enquiry remain focused on generating insights that are likely to have the greatest benefit to society; for example, by steering the research to respond to challenges faced by policy and practice and to maximise research take-up by policy makers and private sector practitioners

  • To act as an impartial source of guidance on the scientific quality of the project; for example, research stakeholders on the CGF will enhance the cutting-edge quality of the research and its potential to be published in top-ranked journals.


Professor Ernest Aryeetey

Professor Ernest Aryeetey is the first Secretary-General of the African Research Universities Alliance (ARUA).  He oversees the activities of ARUA from his base at the University of Ghana, where until recently, he was the Vice-Chancellor. His main responsibility is to establish relations with key stakeholders and funders of research at African universities and to advocate for the importance of research-intensive universities for the continent. Also, he is a member of the Governing Council of the United Nations University, a think-thank of the United Nations systems. He is a former director of the Africa Growth Initiative of the Brookings Institution. Professor Aryeetey has held academic posts at SOAS University of London, Yale, Cornell and Swarthmore.

His research focuses on the economics of development with interest in institutions and their role in development, regional integration, economic reforms, financial systems in support of development and small enterprise development. Recognised for his work on informal finance and microfinance in Africa, Aryeetey has consulted for and advises a broad range of international agencies. He has published three books, seven edited volumes, and numerous journal articles. Among his publications are Financial Integration and Development in Sub-Saharan Africa and Economic Reforms in Ghana: the Miracle and the Mirage.

Dr Patrick Njoroge

Dr Patrick Njoroge was appointed Governor of the Central Bank in June 2015. He holds a PhD in Economics from Yale University, USA, and a master’s and bachelor’s degrees in Economics from the University of Nairobi, Kenya. Prior to joining the Central Bank, Dr Njoroge had a long career, spanning 20 years, at the International Monetary Fund (IMF), in Washington, D.C., USA. At the IMF, he was advisor to the IMF Deputy Managing Director from December 2012.

He also served as Deputy Division Chief in the IMF’s Finance Department and IMF Mission Chief for the Commonwealth of Dominica, as well as other capacities beginning in 1995. Prior to joining the IMF, Dr Njoroge worked in Kenya as an economist at the Ministry of Finance and as a planning officer at the Ministry of Planning. His professional and research interests are in Macroeconomics, Economic Policy, International Finance, Development Economics, Econometrics and Monetary Policy.

Dr Caleb Fundanga

Caleb Fundanga is the Executive Director of the Macro Economic and Financial Management Institute (MEFMI) for Eastern and Southern Africa.  Prior to joining MEFMI, he worked as Governor of the Bank of Zambia for the period 2002 to 2011. Among the many accolades bestowed upon him during this period were: Central Bank Governor of the Year for Africa and Global award by the Banker Magazine, a sister publication to the Financial Times of London in January 2007, Emerging Markets Magazine award of African Central Bank Governor of the Year 2007 which he received in Washington D.C. In September 2007, he was also awarded the African Central Bank Governor of the Year 2008 by the Annual Meetings Daily of Nigeria

Professor Clas Wihlborg

Clas Wihlborg is Research Professor and Dean Scholar in International Business at the Argyros School of Business and Economics, Chapman University and Visiting Professor at the University West, Sweden. He received his Ph.D. in Economics from Princeton University in 1977. He held faculty positions at New York University and the University of Southern California before returning to Sweden in 1990 to become the Felix Neubergh Professor in Banking and Finance at Gothenburg University. In 2000 he became Professor of Finance at the Copenhagen Business School (CBS) where he was the Director of the Center for Law, Economics and Financial Institutions (LEFIC).

His research and teaching activities have focused on Financial Institutions, International Finance, and Corporate Finance. Publications include numerous journal articles as well as books. He is the co-editor of Handbook in Research on International Banking and Governance (coedited with Chen Lin and James Barth), Edwin Elgars, 2012. He is a member of the European Shadow Financial Regulatory Committee since 1998 and the Royal Swedish Academy of Engineering Sciences (IVA). He received an Honorary Doctorate at Lund University in 2008

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Dr Charles Lufumpa

Charles Lufumpa serves as Chief Economist and Vice President at African Development Bank and served as its Director of Statistics and Director Office Of the Chief Economist.