Renowned economist Dr. Kwame Pianim has weighed in on the ongoing discourse surrounding the resignation of the Governor of the Bank of Ghana, Dr. Ernest Addison, and his two deputies, amidst allegations of improper government financing.
Dr. Pianim contends that the Governor’s support for the struggling economy should not be deemed wrongful, and thus, there is no need for their resignations.
He stressed that the economic challenges should not be squarely placed on the Bank of Ghana, and he finds no valid reasons for the Governor’s departure.
Dr. Pianim further asserted that neither the Governor nor his team were involved in any fraudulent activities, nor were they inept in their management of the economy.
In an interview on 3News, Dr. Pianim stated, “Resignation doesn’t solve any problem. If the Governor resigns now, what happens? The same Minister of Finance [Ken Ofori-Atta], who is at the core of the economic crisis, recommends to the same president [Akufo-Addo] a new person? They appoint somebody who doesn’t know the terrain, who hasn’t gone through this experience to be able to solve the problem.”
Dr. Pianim argued that the Bank of Ghana did not require parliamentary approval before assisting the government in reviving the struggling economy.
He noted that the suspension of the Fiscal Responsibility Act essentially implied that regulations governing the fiscal aspects were temporarily disregarded.
He explained that this suspension had implications for the Monetary Policy Act, as well.
According to Dr. Pianim, the Minister of Finance’s responsibility was to report to parliament about the monetary policy dimensions, and opposition members should have questioned the simultaneous suspension of the Monetary Policy Act.
He underscored that the Bank of Ghana’s actions were not inappropriate given the circumstances.
Dr. Kwame Pianim’s viewpoint challenges the calls for the resignation of the Bank of Ghana officials while emphasising that the actions taken were not driven by incompetence or fraudulent intentions.
