Shortly after the election Bawumia resigned as Deputy Governor at the Bank of Ghana.
Bawumia graduated from Tamale Secondary School in 1982. He received a Chartered Institute of Bankers Diploma (A.C.I.B) in the United Kingdom with distinctions in Monetary Economics, Accountancy, Law and Banking Principles from Emile Woolf College of Accountancy, London, England in 1984. Bawumia spent his undergraduate years at University of Buckingham, UK and graduated with B.Sc. Economics (First Class Hons.) He received his Masters Economics from Oxford University in 1988 and PhD with Specialisation in Macroeconomics, International Economics, and Monetary Economics from Simon Fraser University, Burnaby, British Columbia., Canada in 1995
After graduating from Simon Fraser University in Canada, Dr. Bawumia worked for the International Monetary Fund from 1994 to 1996 when he left for a teaching position with the Hankamer School of Business at Baylor University in Texas, USA. After leaving Baylor University in 2000, Bawumia started his career at the Bank of Ghana as a Senior Economist. Between 2000 and his eventual resignation, Bawmuia also held the position of Head of Monetary Policy and Financial Stability, Special Assistant to the Governor, Capital Market Committee Chairman, Monetary Policy Committee Member, and Deputy Governor
“The Determination of Bank Interest Spreads in Ghana: An Empirical Analysis of Panel Data” with Martin Ofori and Franklin Belnye, September 2005.
“Developing a Composite Indicator of Economic Activity in Ghana”, with Benjamin Amoah, Bank of Ghana Working Paper, February 2004.
“A Simple Vector Error Correction Forecasting Model for Ghana”, with Joseph Atta-Mensah, Bank of Ghana Working Paper, August 2003.
“Monetary Growth, Inflation and Exchange Rate Policy in Ghana” Research Department, Bank of Ghana, Journal of the West African Monetary Institute, 2003
“The Transmission Mechanism for Monetary Policy in Ghana”, with Philip Abradu-Otoo, Bank of Ghana Policy Paper, August 2003.
“The Determinants of Exchange Rates in Ghana”, with Zakari Mumuni. Bank of Ghana Working Paper. March, 2003.
“The Feasibility of Monetary Union in West Africa”. Mimeo. Economic Commission for Africa, November 2002.
“Comparative Institutional Features of Different Common Central Banks”, West African Monetary Institute. Mimeo. February, 2002.
“Designing an Exchange Rate Mechanism for the West African Monetary Zone”, West African Monetary Institute. Mimeo. February 2002.
“Explaining African Economic Growth Performance: The Case of Ghana”, with Ernest Aryeetey and A. Fosu. Paper prepared for the African Economic Research Consortium. April 2001.
“Assessing the effectiveness of Intervention on the Foreign Exchange Market in Ghana”. Research Department, Bank of Ghana, February 2000.
“A Review of the Literature of the Impact of Financial Sector Liberalisation on the Poor”, with Dr E.K.Y. Addison and Maxwell Opoku Afari, Research Department, Bank of Ghana, August 2000.
“Financial Markets in Africa. Issues and Challenges for Research,” with Professor Ernest Aryeetey, ISSER. October 2000 AERC .
“Currency Substitution and Money Demand in Ghana: A Cointegration Analysis”. Research Department, Bank of Ghana, November 2000.
“Why the Apparent Rush to Market Reform”? Journal of Economics, 1999.
“The Sequencing of Fiscal Reform during Structural Adjustment. Lessons from Ghana, Uganda, and Zimbabwe”, Comparative Economic Studies, Vol. XXXVIII No.2/3 Summer-Fall 1996
“A Closer Look at The Distributional Impact of Ghana’s Structural Adjustment Program (1983-1992). Journal of Modern African Studies. Vol.36 No.1, March 1998
“Estimating the Aggregate Values of Human Capital in Sub- Saharan Africa”, co-authored with Samuel A.Laryea. Review of Human Factor Studies. Vol. III No.1. June 1997
“Africa, the Challenge of Development”. Book Chapter in Stephen. Gardner’s Comparative Economic Systems, Dryden 1999
2007 — Fellow of the Chartered Institute of Bankers (FCIB).
2000 — Who Is Who Among America’s Teachers? – Baylor University.
1999 — Young Researcher Award: Baylor University, Texas, USA.
1995–1999 — President’s Research Fellowship: Ph.D. Simon Fraser University.
1991–1995 — 4 Graduate Fellowships: Ph.D. Simon Fraser University, Canada
1986 Sir Alan Peacock Prize. Best Economics Student, Department of Economics, University of Bucki