Opinions are divided over whether the current Bank of Ghana governor, Dr. Abdul-Nashiru Issahaku, should be allowed to serve his term, following the electoral victory of the New Patriotic Party’s presidential candidate, Nana Addo Dankwa Akufo-Addo.
While the former Finance Minister and a Member of Parliament’s Finance Committee Dr. Anthony Akoto Osei believes the governor of the central bank should voluntarily step down, the Chief Executive Officer of Dalex Finance and Leasing Company Limited, Kenneth Kwamena Thompson and Former President of the Ghana Bar Association, Mr. Sam Okudzeto have kicked against any move to negotiate the exit of a BoG governor.
Replacing the Central Bank boss, according to Mr. Thompson, will have dire implications on the economy, as the in-coming government will have to dole out huge sums of money as payoff to the governor and is likely to affect investor confidence in the short term.
“For the purposes of proper governance, he should be allowed to serve his term. I don’t see the reason why the governor, who has been appointed and approved by all, cannot work with the new government. I think as a country we must go beyond the so-called precedence that was set. Let’s do the right thing as we look beyond the personality and look at the institution and see how actions impact on the institutions,” he told the B&FT.
“It is very sad because this whole debate that has been ignited, I believe, has to do with some individual’s personal interest. But Akufo-Addo the President-elect must allow the institutions to work which I think will be to his advantage as well,” he added.
Mr. Thompson also slated the assertion that the current governor may not believe in the economic policies and the direction the new government may want to pursue. According to him, if the NPP government will fail, it will be their inability to implement sound and better economic policies but not the individual that heads the central bank.
“Look, if the NPP will fail, they will fail and that will not be because of the governor of the Bank of Ghana but it will be because they have bad economic policies. I think the argument has to do more with people’s personal interest than really what is good for the country, this shouldn’t be a big deal.”
Earlier in April this year, when the issue came up as to whether the governor must resign his post should there be a change of government, a Former President of the Ghana Bar Association, Mr. Sam Okudzeto kicked against any move to negotiate the exit of a BoG governor.
“The law is aware of this, the day of appointment of a governor is not the same as the day of appointment of the government so we must allow the law,” he stressed.
According to him, no governor should be forced out of office whether through negotiations or unconstitutional means.
However, former Finance Minister and a Member of Parliament’s Finance Committee Dr. Anthony Akoto Osei reaffirmed his call that the governor of the central bank should voluntarily step down.
He maintained that even though the governor’s term is secured under the constitution, it would be prudent for him to step down as he feels the governor is strongly attached to the former government.
“If I were in his position, I will voluntarily step down considering his strongly political leaning to the outgoing government”
According to him the governor must be able to work as part of a team, emphasizing that the relationship between a governor and a government must be cordial to allow both parties to work together.
Meanwhile Ghana’s constitution clearly spells out the rules governing the tenure of the central bank’s governor. According to the law, the four-year term of a governor of the central bank is protected and cannot be dismissed even by the president unless on stated grounds.
Article 183 (4) (d) of the 1992 constitution states that, “he shall not be removed from office except on the same grounds and in the same manner as a Justice of the Superior Court of Judicature other than the Chief Justice, may be removed”.
The current governor of the central bank Dr. Abdul-Nashiru Issahaku’s was appointed in April 2016 after the then governor, Dr. Henry Kofi Wampah, stepped down from the Bank prior to his retirement.
Before his appointment as Governor, he was the Second Deputy Governor and Executive Board member with oversight responsibilities of nine departments including Economics, Statistics, Finance, Legal, Banking Supervision and Financial Stability. –
Source: B&FT
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@Kyei-2; why are NDC maggots always thinking of how people can still and rob a government !!!!!!!!!! ; this is typical of ewe/ayigbe thiffs all Kriminal minded people from the Volta region ; the issue here is not about the law of appointments ; the issue is about whether this Governor can do the job and achieve results and not look the other way !!!!!!!;this northner KROOK as the deputy had oversight responsibility for many of the KROOKED saving Banks like DKM ; Peace and love and other ; this man virtually looked the other way whilst Lordina Mahama and Jon Mahama and the NDC lutted the accounts of these savers ; if the matter is not resolved amicably BOG shall be sued in Court for GROSS incompetence with a possible judgement debt ; why did this Governor whilst in charge allow gross incompetence to happen whilst he was in charge and why should the NPP work with such a person who aided Jon Mahama and his wife to still from the people ; JUST BOOOT HIM NDC MAGGOT OUT !!!!!!!
If he is a macroeconomist, then he must continue to work. However I am aware that the only suitable of the top three at the bank is Johnson Asiamah. He was jumped over his boss Amoah who is a Bawumia contemporary. He must be redeployed
@Kyei, l agree with a lot
You want him to go so you can have a field day to steal. At least the keeper of the country's money is not from your party and that is good for Ghana and transparency. The law that brought the President is the same law that brought the Governor. Should he resign I will call him a ***barred word*** and an unpatriotic Ghanaian. Why not call the Chief Justice and Auditor General too to resign. ***barred word*** Politicians.
Yes, these were the same people who were telling NDC to give some govt. positions to NPP when NDC was in power. clowns
The governor is an NDC member and must be removed... Period! We don't need any NDC mole to sabotage our plans.
if this man can be candid,patriotic and serve without recourse to his political affiliation, then no wahala. however,his current commitment to the NDC raises some questions.i am of the opinion again, that he should remain in office.this time round, we have a new head of the economic team of government and we shall see the clear difference.It is also important,he knows that his position is a hyper sensitive one, so an act of sabotage is enough grounds to relieve him of his duty. this , the law does not frown on.abbi?
I DONT TRUST ANY NDC MEMBER HE MUST GO PERIOD.
he gotta go. period
HOW CAN THE GOVERNOR WORK WITH THE NPP IN SUCH A SENSITIVE POSITION WHEN HE IS A CARD BEARING MEMBER OF THE NDC. ? HE WILL EITHER SABOTAGE THE NEW GOVERNMENT OR BE LEAKING CONFIDENTIAL INFORMATION TO THE NDC. HIS POSITION IS UNATENABLE. HE SHOULD RESIGN PERIOD. !!!!