Government doesn’t interfere in BoG’s work – 1st Deputy Governor

First Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari has refuted claims that the government interferes in the operations of the Central Bank.

Dr. Afari-Opoku who appeared on MX 24’s Spotlight show Thursday, described the long-held perception of interference by the government in determining monetary policies of the BoG as “unfounded” and cannot be “substantiated”.

In the conversation monitored by topstories.com.gh, the Deputy Governor justified his opposition to the claim and made reference to the Bank of Ghana Act as amended in 2019.

He stressed that the operational independence of the Central Bank has been guaranteed in the Act leaving no room for any form of interference.

He added that internal systems have also been put in place to ensure the operational independence of the BoG in determining monetary policies which also affects the government.

Citing himself as example, he noted that he is in charge of currency management but can testify that nobody has ever tried to influence the BoG’s decisions to print monies.

“It’s quite interesting that there is that perception because that is really not what is on the ground. The Bank of Ghana as amended in 2016 granted operational independence to the Central Bank. Clearly, operational independence does not mean you will operate in an island. You will even see that in the conduct of our monetary policy operations, we have an independent body within the Central Bank called the Monetary Policy Committee chaired by the Governor, the two deputies are members of the committee,” he explained.

He added that “it will be interesting to know how discussions at the MPC go on and the fact that the minister and the members of the government all hear about the decisions of the MPC the same as the press and the rest of the general public hear about it. In fact, the Ministry of Finance is not even represented on the committee. So, the Central Bank has operational independence”.

The Deputy Governor called on all Ghanaians to let go of this perception and continue to trust the Central Bank as an independence body.

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