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In an effort to strengthen Ghana’s economic stability, the Institute of Economic Affairs (IEA) is advocating for significant amendments to the Bank of Ghana Act 2016. A key element of their proposal is extending the tenure of the Bank’s Governor to ensure continuity and independence from presidential terms.
At a Stakeholders’ Forum titled “Reviewing the Bank of Ghana’s Act to Promote Transparency, Accountability, and Effectiveness,” IEA Senior Scholar Prof. Alexander Bilson Darku highlighted the importance of protecting the Central Bank from governmental influence regarding the Governor’s terms and conditions. He stressed that maintaining this autonomy is vital for the regulatory institution’s effectiveness and independence.
“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,” Prof. Darku stated.
He continued, “There was a consensus on the necessity for Ghana to carefully consider aligning the term of the Bank of Ghana Governor to overlap that of the President to ensure continuity and effectiveness in governance.”
Prof. Darku further elaborated on the discussions, noting, “Substantial discussion focused on enhancing the independence of the Bank of Ghana and its ability to effectively promote price stability, exchange rate stability, and economic development through sound policy measures.”
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