The Minority in Parliament has threatened to report the appointment of Dr. Johnson Asiama as Governor of the Bank of Ghana (BoG) by President John Dramani Mahama to the International Monetary Fund (IMF).
According to the caucus, given that Dr. Asiama, as Governor of the Bank of Ghana, would also be a member of the IMF Board of Governors, Ghana’s credibility in international financial markets could suffer, potentially increasing borrowing costs and discouraging investment because of the criminal charges against him that were dropped to make way for the appointment.
Member of Parliament for Tano North, Dr. Gideon Boako, who addressed the media on the appointment, raised red flags about the repercussions of the appointment.
He warned that the appointment could affect Ghana’s reputation on the global stage, particularly with the IMF and other financial institutions.
President Mahama appointed Dr. Asiama as Governor of the Central Bank, pending approval after the new Attorney General dropped criminal charges against him. This has stirred controversy among the opposition who have raised legal, ethical, and international concerns.
Before his nomination, Dr. Asiama was standing trial for various criminal offenses, including fraudulent breach of trust, money laundering, and violations of the Bank of Ghana Act. However, these charges were abruptly withdrawn by President Mahama just days before his appointment.
Addressing the media in Parliament on Wednesday, February 5, Dr. Boako called for a review of the appointment, citing constitutional breaches and unresolved criminal charges.
“How would the IMF and International Finance Corporation see Ghana if one of our lead negotiators is perceived as a potential criminal convict charged with various acts of criminality?”
“Wouldn’t it be proper if these international agencies had the assurance that we are allowing the court processes to run for proper adjudication and judgment?” he questioned.
Dr. Boako also warned that political and economic risk analysts will not be kind to Ghana, given that some global institutions may refuse to do business with the country due to the uncertainty over charges against the new governor being reinstated by a future Attorney General.
“This will likely increase the cost of Ghana’s international transactions,” he stated.
“For us in the minority, we are not letting this end at this press conference. We will be writing to the International Monetary Fund (IMF) to draw attention to this, given that he will also, as Governor of the Bank of Ghana, be a member of the IMF Board of Governors, exposing Ghana to international ridicule,” he added.
Dr. Boako argued that President Mahama’s nomination of Dr. Asiama violates Article 183(4)(a) of the 1992 Constitution, which requires consultation with the Council of State before the appointment is finalized.
The Minority argued that Dr. Asiama had prematurely assumed office despite the Council of State not being constituted.
“This means that Dr. Johnson Asiama cannot legally operate as Governor until such consultation with the Council of State has taken place,” Dr. Boako said.
“Contrary to this constitutional imperative, however, we have seen attempts by Dr. Asiama at the Bank of Ghana to assume duties as if he is legally qualified to do so.”
The Minority pointed out that Dr. Asiama has already begun conducting meetings and engaging with various departments at the Bank of Ghana, questioning the validity of any decisions he makes before his appointment is formally ratified.
The Minority urged President Mahama to allow the charges against Dr. Johnson Asiama to stand and for the prosecution to continue, even as he carries out his duties as governor once he is finally approved.