Ghanaians Demand Accountability: Calls for Prosecution of Central Bank Governor and Finance Minister
Ghana’s economy is in severe distress, with many attributing the crisis to two key public officials: the Governor of the Bank of Ghana and the Minister of Finance. From 2017 to 2024, the country faced significant economic challenges, including high inflation, currency depreciation, and rising debt.
Allegations of financial mismanagement, policy failures, and corruption have plagued both institutions during this period, sparking widespread public discontent. Many citizens are now calling for the enforcement of the Financial Accountability Act, of 2016 (Act 921), which mandates accountability for the management of public funds.
Prosecuting these leaders has become a pressing public concern as a step toward restoring trust in Ghana’s financial governance.
Allegations have been made against the Governor of the Bank of Ghana, Dr. Ernest Addison, and Finance Minister Ken Ofori-Atta for causing significant financial losses to the state. This stems from record inflation rates peaking at 54.1% in December 2022, the highest in over two decades which has led to severe strain on households and businesses.
The Cedi’s depreciation by nearly 54% against the US dollar further highlights perceived failures in fiscal and monetary management. Public protests have erupted, calling for their resignations, as these officials are seen as responsible for the economic mismanagement. Accusations include illegal printing money expenditures of GH¢675.4 million in 2023 and BoG’s reported GH¢60.8 billion loss in 2022, with additional claims of unauthorized currency printing without parliamentary approval.
The Finance Minister has also faced backlash for reckless borrowing, pushing Ghana’s total debt to GH¢742 billion (70.6% of GDP) by June 2024. The BoG’s decision to spend $250 million on a new headquarters has further fueled public outrage amid the ongoing economic crisis, with critics accusing both leaders of incompetence and irresponsible financial policies.
The Banking Sector Crisis in Ghana remains a significant source of public concern, with allegations against the Governor of the Bank of Ghana (BoG) and his team for failing to enforce adequate regulation and oversight, leading to the collapse of several financial institutions. Critics argue that the BoG’s negligence contributed to the crisis, and officials should face charges for failing in their duties.
Accusations of conflicts of interest and corruption have fueled public outrage, with claims that BoG officials ignored warning signs, causing massive financial losses for depositors and businesses. The Auditor General’s revelation of the BoG violating procurement laws by awarding contracts without proper tendering has raised further concerns about corruption within the institution.
In addition, the “Gold for Oil” program, criticized for its opaque dealings, particularly regarding the management of Ghana’s gold reserves, has heightened public calls for accountability and prosecution, especially amid the ongoing economic hardships. Mismanagement of resources like gold has been seen as a serious breach of public trust.
The financial losses caused by Ghana’s Ministry of Finance and the Bank of Ghana (BoG) are so significant that future governments must transparently audit their records, allowing the public to monitor and ensure that no accusations of political witch-hunting arise. This approach would hold public officials accountable for their actions, regardless of their sector. Ghana’s legal framework, particularly Section 179A of the Criminal Offences Act, 1960 (Act 29), criminalizes actions that cause financial loss to the state through negligence or misconduct.
BoG and Finance Ministry officials may be prosecuted under this law if found responsible for unlawful currency printing or procurement breaches. Additionally, the Public Procurement Act, 2003 (Act 663) and the Public Financial Management Act, 2016 (Act 921) enforce accountability for financial mismanagement. The public’s recent calls for prosecution of BoG officials stem from lapses in regulation, governance issues, and corruption that have severely damaged the country’s economy.
Legal experts like Martin Kpebu and Kofi Abotsi are urged to lead these efforts without political bias to help restore public confidence. Prosecution would demonstrate that officials responsible for financial irregularities are held accountable, thereby deterring future misconduct and reinforcing trust in the financial system.
About Writer
Dr. Bernard L. Tetteh-Dumanya is an accomplished Financial Economist and Consultant with 29 years of experience spanning academic, corporate, and agribusiness sectors. He has held influential positions at reputable institutions like UBA Ghana, SIC Financial Services, and Empretec Ghana, demonstrating his extensive knowledge of global finance.
As a pioneer in risk management and corporate strategy, he has significantly impacted the Ghanaian financial landscape through initiatives in venture capital, financial reengineering, and fundraising. Committed to capacity development,
Dr. Tetteh-Dumanya has provided consultancy services to various local and international organizations, including GIZ, AGRA, and USAID, showcasing his ability to navigate complex financial challenges and drive sustainable growth. For inquiries, he can be contacted at mafioba@yahoo.com.
