Independent of BoG Must Be Supreme – Chief Tells Government

The Chairman of Anamase Royal Alliance Council of Anamase Royal Family and President of Abola Piam Royal Council of The Tunnmma Royal Dynasty of Ga State,  Nii Ayitey Anumle Oyanka I, has reminded the Bank of Ghana (BoG) of its independent supervisory role over exercising its powers to the benefit of citizens who have declare intentions of helping create more jobs in the country.

He said poverty ravaging Ghanaians and government alone can not safe the situation adding that ” the Central banker is twating the efforts of royals who are trying to help the government”.

“The Independent of the central bank is paramount which ensures no political influences”, he added.

He expressed that various Governments and politicians over the years have thought too narrowly about what it meant by a long-term perspective. 

King Oyanka who spoke with thealhajj.com in an interview described the activities at the heart of central banking as puzzle quetioning “Why should we allow unelected people to run the economy in a democracy?

The answer according to Nii Oyanka was that central banks need to be independent of both financial markets beholden to business cycles and politicians beholden to political cycles, so that they can afford to think about the long term.

Nii Oyanka, Who also doubles as CICC  Chairman for West Africa and World Human Rights Council Chairman for West Africa and Ghana,  called on Central banks and the Ministry of Finance to focus on a new binding approach for private creditors.

According to him, this is to demonstrate that they are providing net new lending, investment and non recourse assistant in response to the COVID-19 crisis, and for debt relief for the 76 International Development Association countries that woul be “radically” scaled up to include relief by bilateral, multilateral and private creditors and Investment Banks until the end of the bad financial crisis due to the pandemic  to modulate economic trends — keep the economy from overheating by acting as a brake on spending when times are good by making borrowing more expensive, and encourage spending when times are tough by making borrowing cheaper.

This means the decisions central banks make have what economists called “distributive consequences”.

“Some companies, or sectors of the economy will thrive due to injections of cash from central banks and others will not”, Nii Oyanka Noted. 

Nii Oyanka further stated that ,With central banks now picking winners and losers, citizens should legitimately ask what criteria they use in doing so, and called on bankers to establish responsible investing standards that contribute to a greater social good.

This, he cited already happening, government leaders called on central banks to support national security by preventing terrorists and criminal syndicates from accessing banking systems.

“So, if central banks are already supporting non-economic policy goals like national security, climate action and regional integration, what other priorities might we expect them to support”?, he quizzes.

The Ga chief advised that the central banks needs to be more fully embraced with their unique role as guardians of the future, and to think about the markets and their impact from an intergenerational perspective.

This it means according to King Ouanka, making investment decisions in the interest of future generations, and not just responding to emerging market dynamics.