Dr. Johnson Asiama has been nominated as Bank of Ghana Governor
The Forum for Development and Accountable Governance (FDAG) has criticized recent remarks by Dr. Gideon Boako, MP for Tano North, regarding the appointment of Dr. Johnson Asiama as Governor of the Bank of Ghana.
FDAG asserts that Boako’s claims misrepresent legal processes and could undermine institutional credibility.
In a statement issued on Thursday, February 6, 2025, and signed by its Senior Research Fellow, Nana Kojo Abbam, FDAG criticized Dr. Boako’s claims, particularly his assertion that the appointment is illegitimate due to a lack of prior consultation with the Council of State.
Citing Supreme Court rulings, FDAG clarified that while consultation is required under Article 70 of the 1992 Constitution, it does not equate to mandatory prior approval.
The group referenced the 2005 Supreme Court case Agyei Twum v. Attorney General & Akwetey, which established that consultation with the Council of State is advisory and does not restrict the President’s discretion in making appointments.
FDAG also took issue with Dr. Boako’s characterization of Dr. Asiama as a “potential criminal convict,” condemning what it described as an attempt to tarnish the reputation of the newly appointed BoG Governor.
The group pointed out that all past charges against Dr. Asiama were dropped by the Attorney General due to a lack of evidence.
It further emphasised that any new allegations should be pursued through legal channels rather than media statements.
Addressing concerns that Dr. Asiama’s appointment could harm Ghana’s credibility with international financial institutions such as the International Monetary Fund (IMF), FDAG dismissed such claims as baseless.
The group argued that institutions like the IMF operate based on legal due process and regulatory frameworks, and there is no evidence to suggest that the appointment undermines Ghana’s financial standing.
Instead, FDAG warned that politically motivated disputes over lawful appointments could weaken investor confidence and create perceptions of instability.
FDAG further highlighted Dr. Asiama’s contributions to Ghana’s financial system, particularly his role in shaping key regulatory frameworks.
“As Deputy Governor in charge of supervision at the BoG, he played a crucial role in developing the Deposit Protection Act, 2016 (Act 931), which led to the establishment of the Ghana Deposit Insurance Corporation (GDIC),” the group noted.
Additionally, FDAG credited Dr. Asiama for initiating the groundwork for the Corporate Governance Directive, which was later implemented in 2018. This directive has since improved risk management, strategic planning, and governance structures in Ghana’s banking sector.
The group stated that these reforms, which began under Dr. Asiama’s leadership, contributed significantly to strengthening financial sector governance before his contract termination following the change in government in 2016.
FDAG urged all parties to respect due process and focus on governance issues through legal and institutional mechanisms rather than public speculation and accusations.
AM/MA
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