Audio By Carbonatix
Corporate Governance Expert is calling for a review of the mandate of the Governor of the Bank of Ghana to restrain him from chairing the Board of the Bank and other committees like the Monetary Policy Committee
According to Professor John Bright Aheto, this will strengthen corporate governance rules in the banking and financial sector.
He spoke to JoyBusuiness after addressing members of the Institute of Directors Ghana on Corporate Governance.
“It is not the best, the central bank themselves are not doing the right thing because how can the governor be the chairman of all the committees and boards of the bank and tell us it is corporate governance” he questions.
The Governor of the BoG is currently the chairman of the Monetary Policy Committee of the Bank as well as the chairman of the board of directors.
A situation many financial players have described as inappropriate since the Governor does not report to anybody except the President.
The BoG, however, launched the corporate governance code for banks and financial sector institutions last year to enhance the credibility of the sector.
The Governance Expert believes the law can be changed to make the governor a member of the board instead of being the Chairman.
“I think that part of the constitution must be looked at again because it doesn’t make the governor answerable to anyone except the president who appoints him. He must not be seen as working for the president alone but a board and thereby the people of Ghana,” Professor Aheto noted.
President of the Institute of Directors Ghana, Rockson Dogbegah urged the Bank of Ghana to ensure full implementation of the corporate governance code issued to the commercial banks.
Members of the Institute called on the media to support the quest by the private sector to improve corporate governance in the various institutions in the country.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
51km of Accra-Kumasi Expressway corridor cleared; compensation plans underway – Finance Minister
3 minutes -
AfDB forecasts 5% GDP growth for Ghana as macroeconomic indicators strengthen
6 minutes -
Menstrual poverty: United Pension Trustees calls for an end to menstruation stigma
28 minutes -
Vaccine survey reveals strong public confidence as Ghana pushes local manufacturing agenda
33 minutes -
Ghana Navy, NPA intensify crackdown on illegal fuel smuggling network
34 minutes -
Weija Dam spill gates opened as Ghana Water warns of flood risk
41 minutes -
See shimmering new satellite image of Lake Bosomtwe showing gold glitters surrounding it – Earth from space
49 minutes -
ECG restores power at Tanyigbe SHS after week-long outage
60 minutes -
Bolivian president warns country at ‘breaking point’ after month of protests
2 hours -
Jill Biden says she thought husband was having a stroke during 2024 debate
2 hours -
Countries tighten travel rules as Ebola risk rises
2 hours -
Gold hits two-month low as US-Iran tension stokes inflation fears
2 hours -
Toyota sales drop for third month on declines in China, Middle East
2 hours -
Trump refiles $10bn defamation suit against WSJ over report on Epstein ties
2 hours -
Kenya school fire kills at least 10 students, media say
2 hours