IMF Has No Authority Over Bank of Ghana Governor Appointment – Dr. Kwakye to Dr. Boako
The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has strongly opposed the move by Dr. Gideon Boako, Member of Parliament for Tano North, to petition the International Monetary Fund (IMF) regarding the appointment of the Governor of the Bank of Ghana (BoG).
Dr. Kwakye asserted that while the IMF plays a role in Ghana’s External Credit Facility (ECF), it has no jurisdiction over the selection of the country’s central bank governor. He questioned the rationale behind involving the IMF in the nomination of Dr. Johnson Asiama, who was appointed following the departure of Dr. Ernest Addison.
His remarks come amidst fierce criticism from the Minority in Parliament, who have condemned President John Dramani Mahama for discontinuing criminal charges against Dr. Asiama, the acting BoG Governor. At a press conference on Wednesday, February 5, the Minority, led by Dr. Boako, insisted that the prosecution should continue, warning that halting the case could have negative economic and political ramifications for Ghana.
The Minority cautioned that discontinuing the case might affect Ghana’s global financial credibility. They argued that international financial institutions could hesitate to engage with the country due to fears that a future Attorney-General might reinstate the charges, thereby increasing transaction costs for Ghana.
“Stopping the prosecution does not equate to exoneration. Future administrations may revisit these charges, casting doubt on the Governor’s credibility and decisions,” the Minority warned. They expressed concerns that appointing an individual with unresolved legal issues could create uncertainty in financial policymaking and tarnish Ghana’s reputation internationally.
As a result, the Minority announced plans to formally notify the IMF of their concerns, emphasizing that Dr. Asiama, as BoG Governor, would also hold a seat on the IMF Board of Governors, potentially exposing Ghana to scrutiny on the global stage.
Reacting to this on his X page, Dr. Kwakye dismissed the move as unnecessary and misguided. “Why involve the IMF in this issue? Can’t we handle our own matters internally? Even if it’s a legal issue, don’t we have the necessary structures to address it?” he questioned.
Dr. Kwakye further criticized Dr. Boako’s approach, calling it “naïve and immature.” He insisted that all internal structures should be exhausted before considering external interventions. “And since when did the IMF become our schoolmaster?” he added.
He concluded by arguing that those advocating for IMF intervention in internal affairs exhibit a “colonial mentality.” “The IMF has oversight on our ECF program, but it certainly does not dictate who leads our central bank,” he emphasized.
