The Institute of Financial Affairs (IEA) is looking for important amendments to the Financial institution of Ghana Act 2016.
The IEA advocates for a specific concentrate on extending the governor’s tenure to make sure continuity and insulate the place from presidential phrases.
At a Stakeholders’ Discussion board titled “Reviewing the Financial institution 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 financial institution from undue governmental affect over the governor’s tenure and situations.
In response to Prof. Darku, this proposed modification goals to strengthen Ghana’s financial stability by enhancing the independence and effectiveness of the regulatory establishment.
He emphasised that sustaining the governor’s autonomy is essential for upholding the apex financial institution’s transparency, accountability, and total effectiveness.
“We started by analyzing the composition of the Financial institution of Ghana’s board, the governor’s appointment course of, and the regulatory framework governing authorities lending limits.”
“There was a consensus on the need for Ghana to fastidiously think about aligning the time period of the Financial institution of Ghana Governor to overlap that the of President to make sure continuity and effectiveness in governance,” he stated.
In 2021, Dr Ernest Addison, the governor of the Financial institution of Ghana (BoG), was given one other four-year time period in workplace.