The Governor of Bank of Ghana, Dr Ernest Addison, has debunked claims of government interference in the Bank’s operations in the last eight years.

According to him, the calls for a reform to a more independent Bank of Ghana is a non-starter.

He therefore pointed out the Central Bank has been operating independently in the last eight years.

Speaking to George Wiafe on PM Express Business Edition, he attributed the recent losses made by the Central Bank to accumulation of debt from successive governments in the last 20 years

"I had a very big discussion with the fund on this because I think the Bank of Ghana has operated very independently. Those who do not think so do not understand because we have done that in the last eight years."

"First, people don't believe there was zero financing in 2017, 2018, 2019. In 2020 there was Covid, the government went to parliament, got approval to get GH10 billion cedis from the Central Bank. 2021 we were back to zero from a lot of effort from the Central Bank and then 2022 we went into a crisis", he mentioned.

"So, people who don't believe the Central Bank is independent do not understand the issues. So, I do not buy into the argument of the Bank of Ghana needs to be more independent. I think the Bank can operate effectively as it is now", he added.

There had been calls for a review of the Bank of Ghana (BoG) Act by some civil society organisations and individuals in recent times to safeguard the Central Bank’s independence, while ensuring its accountability.

The Minister of Finance Dr Mohammed Amin Adam in July 2024 announced that cabinet had approved the proposed amendment of the BoG Act as part of efforts to boost the independence of the central bank.

The amendment is also aimed at addressing the recommendations by the International Monetary Fund (IMF) safeguard assessment to strengthen BoG’s autonomy.