Banks and their shareholders should rather be made to take decisions on the tenure of their managing directors and board of directors and not the Bank of Ghana.

That is the perspective of corporate governance expert, Joe Aboagye Debrah as the Central Bank works out plans to limit the tenure of bank MDs to not more than 15 years and also introduce age limits for board of directors.

The move, according to the Central Bank, is aimed at deepening corporate governance in the financial institutions.

"At a certain stage you need to give up and let other new ideas come on board. I think 15 years should be enough to give off your best", Deputy Governor of the Bank of Ghana, Millison Narh told Joy Business at the launch of the Africa Corporate Governance program by IFC.

He said the move should ensure a sound banking system.

But speaking to Joy Business, Mr. Aboagye Debrah said the move would not necessarily guarantee improved corporate governance.

"After 15 years if you have a strong board, shareholders interested in what is happening and especially a regulator performing it functions, I do not think you need to impose a term limit of 15 years on MDs", he said.

Mr. Aboagye Debrah urged the Bank of Ghana to focus more on competence and strengthening the quality of the boards the banks have.

Meanwhile the Bank of Ghana says it would implement its plans after it is done with stakeholder consultations.