Thomas Amoani

Studying: MPhil Economics

We’re delighted to welcome Thomas Amoani to St Antony’s College from Ghana to study MPhil Economics. In this interview, we asked Thomas what excites him about his research and the remarkable journey he’s been on to get to the University of Oxford.

What inspired you to apply to the University of Oxford?

I was inspired to apply to the University of Oxford because of its unparalleled academic reputation and the opportunity to learn from world-leading scholars. Oxford’s tutorial system emphasises personalised learning and aligns perfectly with my desire for deep intellectual engagement and rigorous academic challenge. The university’s rich history, vibrant academic community, and global network of alumni also offer an environment that is not only conducive to learning but also to developing, which will enable me to be a well-rounded individual.

Can you share a bit about your journey to get here? Were there any particular challenges or milestones that stand out?

To say that my journey to Oxford University is anything other than a miracle would be a gross understatement. In Ghana, I lived in a small town called Asuaba, which is barely recognisable on the map. Life was a constant struggle for survival. When I completed Junior High School (JHS), I would’ve had to work on the farm because there were no financial resources to fund my progression to secondary school. However, miraculously, the recently sworn president implemented a Free Senior High School system, which premiered just when I completed JHS in 2017. Therefore, I could enrol in senior high school (SHS) without paying fees. When I started SHS, I had to walk 6km to school and back home for three years. This was a massive challenge for me, as it had its risks. One threatening issue was the rampant motor accidents along the road.

Nevertheless, I eventually completed SHS with straight A1s and emerged as the overall best student. Despite this incredible achievement, I was still burdened with the financial resources needed for progression to tertiary education. In a miraculous turn of events again, after sharing my story on social media, the president offered me a full scholarship to study in the United Kingdom at Brunel University London. I graduated with my undergraduate degree just this year with first-class honours. I doubled as the overall best economics student in the Economics and Finance department for the 2023/24 academic year, for which I was awarded the “University Prize”.

Every part of my journey, both challenges and milestones, stands out because, without each piece, my story loses its significance. When I was in my country, I hadn’t foreseen or even dreamed of such achievements—journeying from a virtually unrecognisable town to the world’s most reputable academic institution—but experiencing them filled me with hope and ambition. These achievements and the recognition of my need for a more profound and rigorous understanding of my area of study influenced my decision to apply to Oxford University. My acceptance to Oxford and the full scholarship offered to me have even strengthened the hope and ambition in my heart. At Oxford, I plan to gather more knowledge while learning from, collaborating with, and competing against the best of the best.

What is your field of research? Could you explain a bit about it?

As I aspire to be a macroeconomist, I am interested in macroeconomics, focusing mainly on monetary theory and policy. Specifically, I want to understand how central bank policy tools, such as interest rates, quantitative easing, and forward guidance, impact key macroeconomic variables like inflation, output, market expectations and employment, and possible macroeconomic dynamics that muddy the policy arena. During my undergraduate studies, I wrote my dissertation on the effects of conventional monetary policies on economic recovery and inflation dynamics in advanced economies, particularly in the UK and the US. I compared the strategies of the Bank of England and the Federal Reserve, highlighting their effectiveness and limitations. This experience gave me an idea of the complex relationship between monetary policy and macroeconomic stability in advanced economies.

By studying at Oxford, I wish to explore this enterprise further and extend this analysis to emerging and developing markets with different challenges and dynamics. For instance, emerging and developing economies often have less developed financial markets, higher levels of inflation, and more significant exposure to external shocks. Central banks in these contexts may have limited policy tools and face more pronounced trade-offs than in advanced economies—the concept of ‘divine coincidence’ tends to be inapplicable. For instance, Ghana has experienced periods of high inflation, currency volatility, and significant external debt, which complicate the implementation of monetary policy. The Bank of Ghana has often had to balance the need to control inflation to support economic growth, especially when external shocks, such as fluctuating commodity prices, can profoundly impact the economy.

A pertinent example is how the Bank of Ghana has managed inflation in recent years. To combat rising inflation, the central bank has raised interest rates significantly (from 14.5% in February 2021 to 30% in November 2023). While this policy has helped stabilise prices—inflation had risen from 9.9% in January 2021 to 54% by December 2022, but following the ensuing rate hikes, it fell to 20.9% in July 2024—it has also led to higher borrowing costs, dampening investment, and economic growth. Additionally, Ghana’s reliance on external financing means high interest rates could attract foreign capital in the short term. Still, they also increase the burden of debt repayment in the long term.

By pursuing the MPhil Economics programme at Oxford, I want to understand how central bank policies can be tailored to different economic environments. With such knowledge, I hope to offer policy ideas that curb inflation, address unemployment, foster economic growth, and reduce income inequality, ultimately creating a more equitable and prosperous Ghana.

What are you looking forward to about your time at St Antony’s College?

I look forward to engaging with the diverse and vibrant academic community at St Antony’s College, known for its global focus. I am particularly excited about the opportunity to interact with students and scholars worldwide, especially those interested in macroeconomics and monetary theory. I’m eager to participate in the college’s events, seminars, and discussions that align with my research interests and contribute to its intellectual life. Also, as a St Antony’s DAC African Economics Scholar, I hope to engage in activities that help to promote the DAC Scholarship Scheme and benefit other potential beneficiaries.

Do you have longer-term aspirations that you hope your time at Oxford will help you achieve?

My long-term aspiration is to become a leading macroeconomist who contributes to shaping effective monetary policies, particularly in developing economies like Ghana. My time at Oxford will equip me with advanced research skills, a deep understanding of economic theories, and a global perspective that will enable me to influence economic policy in academia and the public sector. After my MPhil, I plan to proceed to the DPhil programme to garner an even more rigorous and robust understanding of this endeavour. Ultimately, I aim to design policies that promote sustainable economic growth, reduce inequality, and improve living standards in developing countries. I hope my time at Oxford will prepare me for this feat.

Do you have any advice for people considering applying to Oxford?

My advice for those considering applying to Oxford is to believe in the value of their unique experiences and perspectives, no matter their background. Focus on demonstrating your intellectual curiosity, passion for your field, and how you can contribute to and benefit from Oxford’s academic community. Be genuine in your application, highlighting your achievements and challenges overcome. Lastly, don’t hesitate to seek guidance and support throughout the application process; it can make a significant difference.