IEA wants Bank of Ghana Act amended
He suggested that Parliament determine their allowances to shield the bank from Executive influence.
Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has proposed changes to the terms and conditions of service for the Board of Directors of the Bank of Ghana.
He suggested that Parliament should determine their allowances to shield the bank from Executive influence.
Dr. Kwakye argued that the government deciding these terms undermines the positions and independence of the central bank's key officials, and instead, this power should reside with Parliament.
At a recent forum in Accra aimed at reviewing the Bank of Ghana and enhancing its transparency and accountability, Dr. Kwakye also recommended that the Bank of Ghana Act include specific qualifications for Board members.
He stressed that the bank be given greater independence and enhanced transparency and accountability.
Additionally, Dr. Kwakye proposed the establishment of an oversight body similar to the Bank of England’s Oversight Committee to ensure the central bank operates transparently.
The forum, organized by the IEA, reviewed the Bank of Ghana Act 612 of 2002 and its amendment Act 918 of 2016 and proposed further amendments to improve management and operational independence, transparency, accountability, monetary policy, fiscal roles, and enforcement mechanisms.
Participants included representatives from the Bank of Ghana, the Ministry of Finance, Parliament, the Attorney-General’s Office, the Ghana Bar Association, academia, banking, business, labor unions, and civil society organizations.
Notable attendees included Council of State member Samuel Okudzeto, former CHRAJ Commissioner Francis Emile Short, and IEA Senior Fellow Prof. Alexander Bilson Darku.
