The Institute of Economic Affairs (IEA) is advocating for significant amendments to the Bank of Ghana Act 2016, particularly focusing on extending the tenure of the Governor to ensure continuity and insulate the position from presidential terms.
At a Stakeholders’ Forum titled “Reviewing the Bank of Ghana’s Act to Promote Transparency, Accountability, and Effectiveness,” Senior Scholar Prof. Alexander Bilson Darku highlighted the IEA’s stance on safeguarding the Central Bank from undue governmental influence over the Governor’s tenure and conditions.
According to Prof. Darku, this proposed amendment aims to strengthen Ghana’s economic stability by enhancing the independence and effectiveness of the regulatory institution.
He emphasised that maintaining autonomy for the Governor is crucial for upholding the transparency, accountability, and overall effectiveness of the Bank of Ghana.
We began by examining the composition of the Bank of Ghana’s board, the governor’s appointment process, and the regulatory framework governing government lending limits.”
“There was a consensus on the necessity for Ghana to carefully consider aligning the term of the Bank of Ghana Governor to overlap that the of President to ensure continuity and effectiveness in governance,” he said.