Finance Minister Dr. Cassiel Ato Forson has urged that the Bank of Ghana’s (BoG) Board remain functional despite changes in government, warning that frequent disruptions post-elections undermine the central bank’s operations.
Speaking in Parliament last week, Dr. Forson stressed that BoG must be insulated from political transitions.
“Regardless of a change in government, the central bank must run until the government is ready to change the board,” he said, citing his personal experience where he stopped attending BoG board meetings after a government change, causing a 7-month gap in board constitution.
“I served for four years. When there was a change in government, I didn’t attend board meetings any longer because I felt that I was there to represent the Minister of Finance. It took seven months before the board was constituted, but the central bank must run even beyond politics,” he added.
Dr. Forson emphasized the need to give the Bank of Ghana the attention and stability required to effectively carry out its mandate, regardless of political changes.
Minority raises concerns
However, the Minority in Parliament has raised concerns over the BoG (Amendment) Bill, 2025, proposing changes to BoG’s governance structure. The bill seeks to extend board members’ tenure from four to five years, remove MPs from the Management Board, and mandate BoG to set inflation targets jointly with the government.
The Minority warns these changes could weaken transparency and accountability, concentrating power in the Executive’s hands. Dr. Forson has countered that the bill aims to strengthen monetary discipline and curb inflation driven by excessive money creation.
Contributing to the debate on the floor of Parliament, Minority Leader Alexander Afenyo-Markin and the Member of Parliament for Nhyiaeso, Dr. Stephen Amoah, cautioned that the proposed amendments could undermine transparency and accountability at the Bank of Ghana.
They argued that the changes would weaken parliamentary oversight while concentrating excessive influence in the hands of the Executive.
Meanwhile, responding to the concerns, the Minister for Finance, Dr. Cassiel Ato Forson, said the bill is aimed at strengthening monetary discipline and tackling persistent inflation.
He explained that high inflation is often driven by excessive money creation to finance government operations, and that the proposed amendments would help curb such practices.
By Adnan Adams Mohammed
