The activity of glycogen synthase is controlled by phosphorylation and dephosphorylation. It is inactivated by phosphorylation through various kinases such as protein kinase A and glycogen synthase kinase-3 (GSK-3). In contrast, it is activated by dephosphorylation through phosphatases like protein phosphatase 1. Hormonal signals such as insulin and glucagon have significant impacts on its regulation, with insulin promoting its activation and glucagon causing its inactivation.