In defence of the Truth

A section of Ghanaians are up in “arms” demanding or rather protesting against what they described as the mismanagement of the Central Bank by the Governor and his two deputies. 

They are demanding the resignation of the Governor and his two deputies. The accusation among others are that the Central Bank is in breach of its rulebook with regard to financing government debts.

The section 30(6) of the Bank of Ghana Act (2002) states:

"In the event of any emergency, the Governor, the Minister and the Controller and Accountant-General shall meet to decide the limit of borrowing that should be made by the Government and the Minister shall submit a report on the issue to Parliament within seven sitting days." and section 19(1): 

"Where there is an internal disorder, external exigencies, national disaster or critical financial or economic crisis or other exigencies requiring immediate action and there is insufficient time to call a meeting of the Board, the Governor may, after giving notice to the Minister, exercise the powers of the Board and take necessary action.” 

Graphic Business is in the know that this law was not breached by the Central Bank.

Therefore, we are at a loss as to the real intentions of the demonstrators. Especially, being led by the Minority Leader, who had previously sat on the board of the Central Bank, and therefore, is in a better position to appreciate the issues better.

We want to believe that it is the constitutional right of every Ghanaian to hold state institutions to account through all legal means, demonstrations certainly not the least. However, such demands must be within reasonable and justifiable grounds on facts and not propaganda.

Graphic Business finds the issues raised by the organisers as the justification for their demonstration, which is targeted at the leadership of the Central Bank, bizarre, unjustifiable and flying in the face of available data and facts. Indeed, it is unfathomable to demand the resignation of the leadership of Bank of Ghana on the grounds that they have mismanaged the bank, when available facts points to the contrary.

The Central Bank over the past six years have been about the most efficiently-run organisation in recent times in the country. 

For an example over the past four years, the Central Bank financing of government budget has been at zero per cent even though the law at the time made room for government budget financing of 5 per cent. It was only the periods of the COVID years of 2020 and 2022 under the Domestic Debt Exchange Programme (DDEP) that the Central Bank had had to step in to salvage the economy. And they have done these within the confines of the law. 

Even avowed critics of the Central Bank in the media space have alluded to the shrewd and timeous decision of the Central Bank in these times, but for which the economy would have in shambles.

On the more vexed issued of the Central Banks’ building of a new headquarters, the facts are that demonstrators are almost three years late. Contract works is almost 60 per cent complete. The contract did not start today. And the Governor has explained that if they were to consider that decision today, they would abandon this project because of the challenges with the economy currently.

On the issue of value for money with regard to new office complex Graphic Business would like to quote former President Kufuor when he said “some people know the cost of everything but the value of nothing”. 

To abandon a 50 per cent completed project at this time will not be a wise decision. It will lead to huge liabilities on the books of the Central Bank, the very issue the leadership of the demonstrators are supposedly fighting for.

These, among many others, are the facts. And if Graphic Business cannot speak to the facts of the matter then who will?

A key mandate for our profession is to at all times seek the truth, publish the truth and let the truth shine where darkness has otherwise taken hold.

And in defence of the truth, we are bound to face off with those whose values conflicts with our mantra “Truth and Accuracy Always”. And we dare say, we are not ashamed to be the torchbearers of the nation’s conscience.