Committee for Democratic Movement Condemns Appointment of Bank of Ghana Governor Amid Ethical Concerns

By: Doreen Boamah-Darko

Accra, Ghana – The Committee for Democratic Movement (CDM) has issued a strong condemnation of the recent appointment of Dr. Johnson Asiama as Governor of the Bank of Ghana (BoG), citing unresolved legal and ethical concerns that they argue undermine the integrity of the nation’s financial system.

In a statement released on [insert date], the CDM highlighted that the appointment contravenes several constitutional provisions designed to ensure transparency and accountability in public office. Article 286(1) of the 1992 Constitution mandates that public officers, including the BoG Governor, declare their assets and liabilities prior to assuming office. Concerns remain regarding Dr. Asiama’s past involvement in Ghana’s financial sector crisis, particularly related to the collapse of UniBank and UT Bank.

“By appointing an individual whose financial conduct has been questioned, the government appears to disregard Article 35(8) of the Constitution, which calls for the eradication of corruption and the abuse of power,” the statement read. The CDM emphasized that Dr. Asiama’s appointment does not align with the integrity and competence required under Section 10 of the Bank of Ghana Act, 2002 (Act 612).

The CDM also pointed out Ghana’s obligations as a signatory to the United Nations Convention Against Corruption (UNCAC), which mandates member states to establish merit-based and transparent selection processes for public officials in financial roles. “Ghana is failing to meet these international obligations,” the committee stated, stressing that ethical controversies surrounding leadership in central banks are detrimental to sound financial governance.

The appointment of Dr. Asiama, particularly following the withdrawal of legal charges against him, raises questions about the government’s commitment to ethical governance. “If the government is serious about restoring trust in Ghana’s financial institutions, it must prioritize merit-based appointments over partisan favoritism,” the CDM asserted.

The committee further questioned President John Dramani Mahama’s motives in appointing Dr. Asiama, suggesting that political considerations may be at play. “At a time when Ghana has countless qualified professionals, why is the President so determined to bring back Dr. Asiama?” they asked, calling for accountability in the selection process.

In response to these concerns, the CDM has called on President Mahama to revoke Dr. Asiama’s appointment immediately. “This reckless decision threatens Ghana’s reputation in the international community and exposes the nation to scrutiny from global financial institutions,” the statement warned.

As part of their call to action, the CDM is urging the following measures:

1.  Immediate suspension of Dr. Asiama’s appointment until all legal and ethical concerns are addressed.
2.  A parliamentary inquiry into the selection process and the circumstances surrounding the withdrawal of charges against him.
3.  Strict adherence to constitutional and international financial governance standards in appointing future BoG Governors.

Should the government fail to take swift action, the CDM has indicated that they will petition key international bodies, including the European Union, the International Monetary Fund, and the World Bank, to highlight the risks posed by unethical financial governance.

“The integrity of Ghana’s financial ecosystem cannot be compromised,” the CDM concluded. “The government must uphold ethical governance and ensure that individuals appointed to such sensitive positions are beyond reproach.”