The Center for Democratic Movement (CDM) has rejected President John Dramami Mahama’s appointment of Dr. Johnson Asiama as Governor of the Bank of Ghana (BoG) and demands a revoke.
An official petition has been made to the President to revoke his appointment of the former Deputy Governor of the BoG as its new Governor over “unresolved and ethical concerns”.
“Public confidence in the Bank of Ghana is essential for economic stability. Dr. Asiama’s appointment, especially following the controversial withdrawal of legal charges against him, sends a troubling message that political considerations outweigh ethical governance”
Center for Democratic Movement (CDM)
The CDM is unsettled by all charges brought against Dr. Asiamah for his 2016 – 2017 role as Deputy Governor of the Bank of Ghana, suddenly being dropped prior to his new appointment.
“Given the unresolved allegations against Dr. Asiama concerning his role in Ghana’s financial sector crisis, his appointment raises concerns about transparency and accountability”
Center for Democratic Movement (CDM)
Dr. Asiamah had been facing charges of fraudulent breach of trust, money laundering, conspiracy to commit crime, and violations of the Bank of Ghana (BoG) Act since 2020.
All of which are still valid in the eyes of the CDM, who deem their discontinuance by the Attorney General and Minister of Justice unconstitutional and a violation of the due process that should have been followed to exonerate Dr Asiamah.
This they posited would have restored collective public trust in the President’s appointment and judgment. The current appointment does not establish these.
“The appointment of a Governor of the Bank of Ghana is a critical decision that must align with constitutional and ethical standards. Article 286(1) of the 1992 Constitution of Ghana mandates that public officers, including the BoG Governor, declare their assets and liabilities before assuming office.
“Article 35(8) of the Constitution states that the state shall take steps to eradicate corruption and the abuse of power. By appointing an individual whose financial conduct has been questioned in relation to the collapse of UniBank and UT Bank, the government appears to be disregarding this provision”
Center for Democratic Movement (CDM)
Constitutional and Legal Concerns
Backed by Section 10 of the Bank of Ghana Act, 2002 (Act 612), which states that the Governor must be a person of recognized integrity, competence, and experience in financial matters, the CDM is not relenting in its demand.
The “constitutional and legal concerns” regarding Dr. Asiamah makes it evident that his appointment does not meet the highest ethical standards required for this role.
According to the CDM, his appointment “weakens financial oversight” and undermines the confidence of the public in Ghana’s banking system.
A move that any government that is serious about restoring trust in Ghana’s financial institutions must take back, and “prioritize merit-based appointments over partisan favoritism”.
Citing international standards and precedents, the CDM has drawn attention to Ghana’s membership of the United Nations Convention Against Corruption (UNCAC) and therefore its responsibility to public office “accountability” and “integrity”.
An obligation such as this requires “merits-based and transparent selection” of “public officials in positions of financial responsibility”
The guidelines of the Financial Action Task Force (FATF), the global watchdog against financial crimes, and that of several countries like the United States and the United Kingdom are sound on what the ethical standing of “leadership of central banks” should be.
They prohibit “the appointment of officials with unresolved financial misconduct allegations to key economic institutions”
Hence failing to properly address all past suspected financial discrepancies about Dr. Asiamah before his new appointment implies Ghana has fallen short of the international standard and expectation. The CDM is of the view that such an appointment only undermines public trust in Ghana’s financial system.
“At a time when Ghana has countless astute, competent, and unquestionable professionals capable of leading the Bank of Ghana, why is President John Dramani Mahama so determined to bring back Dr. Johnson Asiama?
“Is it a case of political payback, or is there an agenda beyond what meets the eye? If the President truly values Ghana’s financial credibility, why appoint someone whose past raises serious ethical questions?”
Center for Democratic Movement (CDM)
“Urgent” calls have been made on President John Dramani Mahama to immediately revoke Dr. Johnson Asiamah’s appointment “to safeguard Ghana’s reputation” in the local and “international community”.
Specifically, an immediate suspension of Dr. Asiamah’s appointment until all legal and ethical concerns are addressed, a parliamentary inquiry into the selection process and the circumstances surrounding the withdrawal of charges against him and strict adherence to constitutional and international financial governance standards in appointing future BOG Governors are being sought.
Ghana “deserves” financial “leadership that inspires confidence, not one that fuels skepticism and controversy” and threatens the nation’s current and future standing in “global financial circles”.
Neither does it deserve one that invites “scrutiny from international financial institutions” and “erodes investor confidence”.
President Mahama is being asked to show commitment to ethical governance and rule of law and reminded that the world would be watching.
“Ghana cannot afford to be seen as a country that rewards individuals with unresolved financial allegations with high-profile appointments”
Center for Democratic Movement (CDM)
An unfavorable response by the President would trigger a petition from the CDM to the European Union Representative in Ghana, the International Monetary Fund (IMF), the World Bank, the Chinese Embassy, the U.S. Embassy, and other key international bodies and donor institutions.
It will highlight the ills of “unethical financial governance”, the risks to Ghana’s good economic standing, and the “potential for mismanagement of international financial aid and support”.
“The integrity of Ghana’s financial ecosystem cannot be compromised. The government must uphold ethical governance and ensure that individuals appointed to such sensitive positions are beyond reproach. Anything short of this is a betrayal of public trust”
Center for Democratic Movement (CDM)
The rejection of Dr. Asiamah’s appointment by the CDM mirrors that of the New Patriotic Party (NPP) on the same appointment a while ago.
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