I AM SUPER EXCITED ABOUT THE LEADERSHIP AT BANK OF GHANA – FRANKLIN CUDJO

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The President of IMANI AFRICA, Mr. Franklin Cudjo has expressed his excitement about the way leadership of the Central Bank of Ghana is handling things.

Mr. Cudjo made this know in a post on social media in the late hours of August 1, 2018.

“I am super excited about the leadership at the Central Bank of Ghana.

Correcting laxed supervisory functions should never be equated to political witch hunt.

This stellar performance to clean the banking sector of ghost bankers is what is direly needed for an economy whose monetary policy underpinnings have for far too long been rail roaded by politics.

Slowly, the faith IMANI folks had in the appointment of the Governor wasn’t in vain. It is possible to get to the standards in the West.

I recall my interaction with the the Bank of England in December 2015. I had met with the Director for International Development of the Bank. I learned that the Bank of England performed three roles– ensuring micro prudential, macro prudential and monetary Policy.

The Bank is independent in ensuing the fiscal targets set by any UK government is met. However, if the government deviates from what the bank proposes to be done, then it loses credibility and will be punished by the voting public. Curiously, the Monetary Policy Committee’s decisions are published but will in the interest of transparency and market confidence, publish minutes of its meetings including what each of the nine -member committee said in its meetings.

As I mentioned to some folks, I froze! Back in the motherland, GH at the time, and for many years preceding 2015, our finance ministers can have a fiscal target, the central bank can have a mind of its own, and the electorate can simply applaud.

The parting words of the director to me was ‘find a way to make it impossible for politicians to get away with smokes’ and be credible. I took his word. Should we be guided by current trends within Ghana’s Central Bank, it is possible to be England.

But IMANI and myself now believe we have found in Dr. Addison, a champion of prudent banking, with testicular fortitude to ward off political interference in the performance of his duties. Good stuff!!

Da yie!” he posted.

This post was made hours after the Governor of the Bank of Ghana announced the merge of five banks into a Consolidated Bank.

Read More:

BoG creates Consolidated Bank to take over 5 struggling banks

By: Oheneba Kwabenah Yeboah/ Sokynewsgh.com/ Ghana

 

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