The Center for Democratic Movement (CDM) has strongly condemned the appointment of Dr. Johnson Asiama as the Governor of the Bank of Ghana (BoG), citing unresolved legal and ethical concerns that undermine the nation’s financial integrity.

In a statement released on Thursday, the Movement described the appointment as a violation of constitutional principles and a move that erodes public confidence in Ghana’s banking system.

CDM pointed to several legal and constitutional violations in the selection of Dr. Asiama. According to Article 286(1) of the 1992 Constitution of Ghana, public officers, including the BoG Governor, must declare their assets and liabilities before assuming office.

The organization argued that given the unresolved allegations concerning Dr Asiama’s role in Ghana’s financial sector crisis, his appointment lacked transparency and accountability.

Additionally, CDM referenced Article 35(8) of the Constitution, which mandates the state to eradicate corruption and abuse of power.

By appointing an individual whose financial conduct has been questioned, particularly regarding the collapse of UniBank and UT Bank, the government appeared to be flouting this provision.

The organization further cited Section 10 of the Bank of Ghana Act, 2002 (Act 612), which requires that the BoG Governor be a person of “recognized integrity, competence, and experience in financial matters.” CDM questioned whether Dr. Asiama met these stringent ethical standards.

Beyond constitutional concerns, CDM also emphasized Ghana’s obligations under international frameworks.

The United Nations Convention Against Corruption (UNCAC) mandates that state parties establish merit-based and transparent selection processes for public officials in positions of financial responsibility.

By reinstating Dr Asiama without fully addressing concerns regarding his past financial dealings, the organization argued that Ghana was failing to meet these obligations.

CDM also referenced the Financial Action Task Force (FATF), a global watchdog against financial crimes, which stated that leadership in central banks must be free from ethical controversies.

The group noted that countries like the United States and the United Kingdom prohibit the appointment of officials with unresolved financial misconduct allegations to key economic institutions.

Public confidence in Ghana’s financial system is essential, CDM stated, and Dr Asiama’s appointment sends a troubling message that political considerations outweigh ethical governance.

The group also raised concerns about the withdrawal of legal charges against him, arguing that such actions further damage the credibility of the financial sector.

“Why Is President Mahama So Keen on Bringing Him Back?”

CDM questioned President John Mahama’s insistence on reinstating Dr. Asiama when there are numerous highly qualified, competent, and unquestionable professionals available to lead the Bank of Ghana.

The organisation suggested that the appointment could be an act of political payback, raising suspicions about a deeper agenda beyond public view.

“If the President truly values Ghana’s financial credibility, why appoint someone whose past raises serious ethical questions? Ghana deserves leadership that inspires confidence, not one that fuels scepticism and controversy,” the statement read.

CDM issued a strong call to President Mahama to immediately revoke Dr. Asiama’s appointment to protect Ghana’s reputation in the international financial community.

The Movement warned that failure to act decisively would erode investor confidence and cast doubts on Ghana’s commitment to ethical governance and the rule of law.

To reinforce its stance, CDM issued the following demands:

1. The 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 urgent action, CDM announced its intent to petition key international bodies and donor institutions, including the European Union Representative in Ghana, the International Monetary Fund (IMF), the World Bank, the Chinese Embassy, the U.S. Embassy, and other major diplomatic missions and financial institutions.

The petition will highlight the risks of unethical financial governance, the potential dangers to Ghana’s economic stability, and the likelihood of mismanagement of international financial aid.

In conclusion, CDM stressed that Ghana’s financial ecosystem must not be compromised for political expediency.

“The government must uphold ethical governance and ensure that individuals appointed to such sensitive positions are beyond reproach. Anything short of this is a betrayal of public trust,” the statement declared.

The controversy surrounding Dr. Asiama’s appointment is expected to intensify as stakeholders in Ghana’s financial sector, opposition groups, and international observers scrutinize the government’s response to the concerns raised by CDM.