The Asantehene has called for the enactment of a new law that will prevent present and former governors of the Bank of Ghana (BoG) from establishing their banks in the country.
Otumfuo Osei Tutu II explained that the current system whereby former and present governors of the BOG are allowed to establish their own financial institutions clearly amounts to a conflict of interest situation.
“You cannot be a regulator and player at the same time, therefore there should be a fresh law that will strictly forbid present and former governors of the BoG from establishing their own banks in the country.
“We have some examples to give when it comes to present and former governors of the Bank of Ghana establishing banking institutions in the country, and so I am calling for a law to prevent such thing from happening.”
Otumfuo Osei Tutu II disclosed this in a speech read on his behalf by the Akomferehene Oheneba Akwasi Abayie during the inauguration of the Bank of Ghana (BoG) Data Centre at Ahinsan in Kumasi on Friday.
The previous Asantehene gave the land to BoG in 1988, and management in 2016 contracted STL to construct a state-of-the-art three-storey Data Centre and Disaster Recovery Site to help boost its operations.
Otumfuo Osei Tutu II said there is no country in the world where people who occupy sensitive positions similar to that of the governor of the BoG are allowed to establish their banks.
Governor of the BoG, Dr. Ernest Addison, who was the guest speaker, said the inauguration of the Data Center and Disaster Recovery Site would significantly help to improve the operations of the Central Bank in the coming years.
He announced that BoG, as part of its corporate social responsibility, would build a bridge over the Susan River and also rehabilitate the bad road that leads to the centre at Ahinsan soon.
The Governor of the BoG recounted the various initiatives that his outfit has instituted over the years, especially in the area of Information and Communication Technology (ICT), adding that the Data Centre would help BoG to address the numerous problems.
Michael Anyamesem, Ashanti Regional Manager, BoG, commended the Asantehene for the vital role that he played in the eviction of squatters from the land at Ahinsan to pave way for the execution of the project.
The ultramodern facility, which is the first of its kind in the country, boasts of security gadgets, CCTV and WIFI, among others, to enhance the operations of BoG.
Source: Daily Guide
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Nana, this your suggestion is really baseless, so former directors of education cannot establish a school? or Directors of health service cannot establish a hospital? I mean this outrageous and bogos!! regulators only ensure compliance with relevant laws, so if governor has a bank and they'll comply with the regulations, whats the difference? besides what makes otumfour think that, if you havent been a governor of BoG then, you'll comply?? where is the logic? am sure this just one the vindictive tactics of Addition to victimize Duffour for no apparent reason. you make a law with someone in mind, and knowing how hollow that law is, the cheapest you can do is ask a chief to support it publicly! after all you collapsed seven banks, how many of them belongs to former BoG Governors? better say Ghanaians shouldnt be allowed to set up banks, period!! Because Addison knows he doesnt have the business brains to open shop, he thinks every other person should become as iddle like him. aho)yaa, jealousy!! As long as God lives, Duffour will rise Again to the Shame of his enermies!!!
Piaaaaoooow. Otumfour wakasa.Not the Governors alone all senior among the regulators. Not to use them as conduit for employment after retirement.
Please, would someone come out here to explain the procedure regarding the establishment of a Bank to me? I do not get the drift of where Otumfuo is coming from. Then, my understanding of the system is that any private individual who has the required capital and fulfills the other requirements as laid down by law can set up a Bank. The law is only regulated by the Bank of Ghana, as an Overseer. The Bank of Ghana is an independent Institution set by the Government of Ghana and therefore represents the interest of the people of Ghana. The Governor of Bank of Ghana has the mandate to serve the people of Ghana as stipulated by his job description backed by law. I need education if what I have stated above is contrary to what is expected from the Governor of Bank of Ghana.
I sincerely agree with Otumfuo on his proposal.Bog will find it extremely difficult to control such banks owned by their colleaques. There should be a policy in place to check and prevent this from happening. Also government institutions should equally be prevented from opening bank accounts with private banks. They should only do so with GCB or banks belonging to government.This will discourage the heads of government institutions from being appointed as board members and chairpersons of these private banks where government funds meant for operations will be kept in these banks leading to unnecessary delays in government business
In a way, is the Asantehene saying that it is not prudent for ex Administrators to continue their careers in the field they can work better? Hmmmm. Then this should be a sound warning to JDM that his purported second coming is not welcome.