Managing editor of the Insight newspaper, Kwesi Pratt has raised concerns about the authority and independence of Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), in comparison to Ghana's President, Nana Akufo-Addo. He wondered how the BoG governor, who is appointed by the president, can sometimes have more power and influence than the president himself in some matters concerning the economy and monetary policy.

0

He made these remarks during Peace FM's Kokrokoo discussion programme on Monday, October 9, 2023.Mr. Pratt expressed his bewilderment at the fact that the BoG governor, who is not elected by the people and has not presented a manifesto to them, can at times disregard or contradict the president's advice or directives. He deemed this situation unacceptable and in need of prompt review.

1

"The BOG governor, for whom I did not vote, and in whom I haven't expressly placed my confidence, hasn't presented a manifesto to me. Yet, it's suggested that, in certain matters, he wields more power than the president. This governor can even opt to heed or disregard the president's counsel. I find this hard to fathom.

2

How can the governor be more powerful than the president in certain aspects of our lives? Those arrangements have to change and it has to change fast!," he said.Mr. Pratt pointed out that the core issue here is the lack of transparency and accountability in the government's handling of financial matters.

3

He noted that when the government faces challenges or difficulties, it often seeks assistance from external institutions such as the World Bank and the International Monetary Fund (IMF), which impose specific conditions and restrictions on the country.

4

This is why, according to him, the BoG governor is granted significant autonomy and authority, to the point where he is not answerable to the president in certain key situations but rather to these external bodies."Do you know why this is so? Our leaders are not transparent with numbers, when it comes to financial matters.

5

When challenges arise and we're at an impasse, they turn to institutions like the World Bank and the IMF, subsequently adopting their stipulations. This is why the Central Bank's governor is elevated to an almost godlike status-seemingly more daunting than any deity. He's under no obligation to listen to the president. Yet, while our president can't oversee the BOG governor, the IMF can delegate someone to supervise this very position.

6

The blame, I believe, lies with our leaders," he explained.He also called on the citizens to demand more transparency and accountability from their leaders and to hold them responsible for their actions and decisions. He stressed that only through these measures could they ensure that their power and interests were respected and protected.Reflecting on the situation, Mr. Pratt stated, "Ghanaians are responsible for voting.

7

We entrust our power to the president, expecting him to govern for the betterment of everyone. Recognizing that he cannot accomplish everything alone, the president appoints individuals to various roles to assist him in administering the country. Some are appointed as ministers, deputy ministers, and even the Governor of the Bank of Ghana, among other designations.

8

However, once these appointments are made, systems are put in place that seemingly restrict the president's influence over the Bank of Ghana's governor. This puzzles me."

9