IMF’s Influence in BoG Governor Appointment: Economist Weighs In

The Minority’s decision to petition the International Monetary Fund (IMF) over the nomination of Dr. Johnson Asiamah as Governor of the Bank of Ghana has been strongly criticized and condemned by a former employee of the IMF.

The current Director of Research at the Institute of Economic Affairs, Dr. John Kwakye says the minority’s threat shows what he describes as naivety and immaturity.

The remarks of the former Advisor to the Executive Director of the IMF come on the heels of an announcement by the NPP minority in Parliament led by Dr. Gideon Boako to report the appointment of Dr. Johnson Asiama to the Bretton Woods institution.

Dr. Gideon Boako and the minority justify that the conduct of the nominee is illegal given that he has resumed official duties without approval from the Council of State as required by law. They further state that Dr. Asiama has a questionable track record which bothers on alleged criminality. The Minority believes that a man who has been standing trial for financial crimes but couldn’t see through to an amicable conclusion since the attorney-general just discontinued the case is unfit for the role of a governor of the country’s apex bank.

But Dr. John Kwakye maintains the stance of the minority is reflective of a colonial mentality. The economist cannot fathom why an internal governance matter should be escalated to the IMF when the country has its own legal and institutional frameworks to address such matters.

To him, the IMF only oversees the current ongoing Extended Credit Facility (ECF) program hence the decision to seek external intervention exposes a lack of confidence in Ghana’s institutions and sets a troubling precedent for sovereignty in decision-making.”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? 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 schoolmaster?,” the economist quizzed in an X post cited by Accra Street Journal.

The Director of Research at the IEA is calling on the Minority to exhaust all internal processes before forwarding local matters to external institutions cautioning against unnecessary interference in Ghana’s sovereign affairs.

He therefore stressed that the IMF despite its influence in Ghana’s economic affairs, has no authority over the appointment of who heads the apex bank of the country.

“Those who think we should bring the IMF in to resolve our internal matters suffer 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,” he indicated.

Other analysts also agree with the economist that such a move could undermine Ghana’s credibility in managing its own affairs.

Last Updated on February 27, 2025 by samboad