IMF doesn’t have jurisdiction over appointment of Bank of Ghana Governor – Kwakye tells Boako
The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye is opposing the idea of the lawmaker for Tano North, Dr Gideon Boako to petition the International Monetary Fund (IMF) over the appointment of Governor of the Bank of Ghana (BoG).
Dr Kwakye says although the Fund may have jurisdiction over Ghana’s External Credit Facility (ECF), it does not have power over who becomes the Governor of the central bank.
He questioned the basis of roping in the Fund in the matter of the nomination of Dr Johnson Asiama as the Governor following the exit of Dr Ernest Addison.
Dr Kwakye’s comments come at a time when the Minority in Parliament has strongly criticised President John Dramani Mahama for allowing the discontinuation of criminal charges against Dr Johnson Pandit Asiama, the acting Governor of the central bank.
Addressing a press conference on Wednesday, 5th February, the Minority, led by Dr Gideon Boako, insisted that the prosecution should be allowed to proceed despite Dr Asiama’s appointment.
They argued that dropping the charges raises serious concerns about governance and accountability.
According to the Minority, the decision to discontinue the case could have far-reaching economic and political consequences for Ghana.
“Political and economic risk analysts will not be kind to Ghana given that some global financial institutions may refuse to do business with Ghana due to the uncertainty over these charges being re-instated by a future Attorney-General. This will likely increase the cost of Ghana’s international transactions,” they warned.
They stressed that halting the prosecution does not equal to clearing Dr Asiama of wrongdoing and that a future government could still reinstate the charges, potentially undermining confidence in his decisions as BoG Governor.
The Minority further questioned the implications of Dr Asiama’s position on Ghana’s international financial standing.
“Dropping the charges does not mean he has been absolved of the crime. These charges can be brought back under a different government, and what will become of the decisions he will make as Governor?” they asked.
They argued that allowing an individual with unresolved legal issues to lead the central bank could create uncertainties in financial policymaking and damage Ghana’s credibility on the global stage.
As a result, the Minority announced plans to formally notify the International Monetary Fund (IMF) of their concerns.
“We will be writing to the IMF to draw attention to this, given that he will also, as Governor of the Bank, be a member of the IMF Board of Governors, exposing Ghana to international ridicule,” they stated.
They emphasised that transparency and accountability should not be compromised, particularly at a time when Ghana is under an IMF programme and requires strong financial leadership.
Reacting to this on his X page, Dr Kwakye said “Why should the IMF be brought into this matter? Can’t we deal with our issues internally ourselves? Even if it’s a legal issue, don’t we have our internal legal structures to address it?
https://t.co/RkaN4p2VsH. Those who think we should bring the IMF in to resolve our internal matters suffer from colonial mentality, to say the least. The IMF may have jurisdiction over our ECF program, but certainly not over the appointment of our central bank governor.
— J. K. Kwakye (@JohnKwabenaKwa1) February 5, 2025
“Dr Boako’s stated intention to petition the IMF in a purely internal matter shows his naivety and immaturity. Has he exhausted all internal structures and processes? And, by the way, when did the IMF become our schoolmaster?
https://t.co/RkaN4p3tif. Dr Buako’s stated intention to petition the IMF in a purely internal matter shows his naivety and immaturity. Has he exhausted all internal structures and processes? And, by the way, when did the IMF become our school master?
— J. K. Kwakye (@JohnKwabenaKwa1) February 5, 2025
“Those who think we should bring the IMF in to resolve our internal matters suffer from colonial mentality, to say the least. The IMF may have jurisdiction over our ECF program, but certainly not over the appointment of our central bank governor.”
https://t.co/RkaN4p3tif. Dr Buako’s stated intention to petition the IMF in a purely internal matter shows his naivety and immaturity. Has he exhausted all internal structures and processes? And, by the way, when did the IMF become our school master?
— J. K. Kwakye (@JohnKwabenaKwa1) February 5, 2025
