Economist Dr. Kwame Pianim has voiced his disagreement with calls for the resignation of the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, and his two deputies.
Pianim argues that the Governor did not commit any wrongdoing in supporting the struggling economy, asserting that his resignation would not provide a solution to the country’s economic challenges. He emphasized that the current economic crisis was not solely caused by the actions of the BoG.
Speaking to TV3’s Paa Kwesi Asare, Dr. Pianim stated that allegations of incompetence and mismanagement of the economy were baseless, as neither fraud nor personal benefit were involved. He pointed out that the Governor’s resignation
would lead to a replacement appointed by the same Minister of Finance, which may not be beneficial in solving the economic issues at hand.
Dr. Pianim also addressed the need for parliamentary approval for BoG’s support to the economy. He explained that the suspension of the Fiscal Responsibility Act effectively removed the regulations governing fiscal policies.
However, he noted that the same suspension should have been applied to Article 36 of the Amendment BoG Act, which grants the BoG authority to suspend monetary policy rules under emergency circumstances.
He argued that the responsibility to suspend the monetary policy rules rests with the Minister of Finance and Parliament should have questioned the implications of suspending both the fiscal and monetary policy regulations.
Dr. Kwame Pianim’s comments reflect his perspective that the calls for the resignation of the BoG officials are unwarranted and that the issue at hand is more complex and nuanced than what has been presented.
READ MORE>>>>>
