Some financial and political observers have suggested that the Governor of the Bank of Ghana, Dr. Abdul Nashiru Issahaku would have to take a principle position to vacate his position as a new political administration assumes power.
The suggestion comes despite the autonomy of the Bank of Ghana and Governor of the bank.
Per the Bank of Ghana’s Act, Governors cannot be removed until they have fully served their term of office unless they resign voluntarily in a regime change.
Even though there are a few precedents to guide such calls, the Member of Parliament for Old Tafo, Dr. Anthony Akoto Osei is of the view that a Governor must take the decision based on political leanings.
“If my government comes into power and you are a Governor and because of the political leanings you are not very comfortable, you have to make your judgement. The government will also have to make its judgement to see whether an agreement can be reached because after all governors will usually retire on their salaries. So in terms of compensation it is not an issue. You have to be able to work as a team. So if you feel strongly about your political dispensation then it will be easy to just reach an agreement,” he opined.
Meanwhile, Banking Consultant, Nana Otuo Acheampong tells Citi Business News the Governor will have to take the decision based on the philosophy of the incoming government since he would have to work with a new Finance Minister.
“If those policies are based on certain philosophies and you are the head and you believe in those philosophies, then you don’t have a problem but if you don’t believe in those philosophies then there is a problem,” he stated.
Nana Otuo added, “The law itself gives us the protection in general. But it is based on the philosophy of the government in power. Or is it that we have crossed the bridge when we get there and we leave that in the hands of the new government to make a decision.”