‘Central bank must run beyond politics’ – Ato Forson

The Minister for Finance, Dr. Cassiel Ato Forson, has called for the Bank of Ghana (BoG) Board to remain operational even during changes in government. He stated that frequent interruptions after elections could disrupt the bank’s work.

Speaking in Parliament last week, Dr. Forson stressed the importance of maintaining continuity at the central bank to safeguard effective monetary policy implementation.

He noted that political transitions should not compromise the institution’s functionality, warning that delays in board operations can affect economic stability.

“Regardless of a change in government, the central bank must run until the government is ready to change the board,” Dr. Forson said, sharing from his personal experience.
“I served for four years. When there was a change in government, I didn’t attend board meetings any longer because I felt that I was there to represent the Minister of Finance. It took seven months before the board was constituted, but the central bank must run even beyond politics,” he added.

The Finance Minister emphasized the need to provide BoG with stability and consistent oversight to enable it to carry out its mandate effectively, irrespective of political shifts.

The remarks were made as Parliament debated the BoG (Amendment) Bill, 2025, which seeks to adjust the bank’s governance framework. The proposed law aims to extend board members’ tenure from four to five years, remove MPs from the Management Board, and require BoG to jointly set inflation targets with the government.

Some members of the parliamentary Minority have raised concerns, arguing that the changes could weaken accountability and transparency while giving excessive influence to the Executive. Minority Leader Alexander Afenyo-Markin and Nhyiaeso MP Dr. Stephen Amoah warned that the amendments might limit parliamentary oversight and reduce checks and balances at the central bank.

In response, Dr. Forson defended the bill, stressing that the proposed adjustments are meant to strengthen monetary discipline and curb inflation caused by excessive money creation to finance government operations. He said the changes would ensure that BoG can operate efficiently and implement policies that support economic stability.