You are here: HomeNews2020 01 25Article 847621

Politics of Saturday, 25 January 2020


BoG Governor now like an 'errand boy for Ministry of Finance' - Nii Lante Vanderpuye

Member of Parliament for Odododiodio constituency, Edwin Nii Lante Vandepuye play videoMember of Parliament for Odododiodio constituency, Edwin Nii Lante Vandepuye

The Member of Parliament (MP) for Odododiodio constituency in the Greater Accra Region, Nii Lante Vanderpuye, has dismissed suggestions that the Bank of Ghana is an independent body.

He claims the Central Bank in its current state simply exists to do the bidding of the Finance Minister.

"I was surprised when I heard government had set up something like that because it will be meddling in things that are out of its remit. Per our constitution, it is the Bank of Ghana who is supposed to do that. then to my surprise, I realized the BoG Governor was a representative on the committee and I asked where lies the independence or the autonomy of the Central Bank? Sadly, this is not the first time...the Governor of the Bank of Ghana is now like an errand boy for the Ministry of Finance; he's told what to do and when to do it!," the NDC MP alleged.

Nii Lante was reacting to a committee put together by government to stabilize the cedi.

The FX Development Committee has been set up by the government to, among other responsibilities, complement the efforts of the Bank of Ghana in curbing the poor performance of the cedi against other foreign currencies.

According to a Deputy Finance Minister, Charles Adu Boahen, the Committee will also look at the automation and digitization as a critical enabler of foreign exchange (FX) reforms and would not take over the central bank’s role as managers of the cedi.

But the outspoken NDC MP, who was contributing to a panel discussion on Peace FM's morning show 'Kokrokoo', appeared slightly bemused at the fact that Vice President Dr Mahamudu Bawumia was not part of the committee.

"I was also surprised the Vice president who has propounded theories (on economy) was not part of the Committee. I thought this is the time for him to make use of those theories and tell us what is happening to our cedi. I am surprised by his silence and absence (on the committee)," he opined.

Meanwhile, the ruling New Patriotic Party (NPP) has asked the National Democratic Congress who are mocking Dr Bawumia for not being part of the committee to stop.

According to them, the fact that the Vice President is not part of the Committee does not mean he has lost his relevance.

What he said in the past which gave him all those names is still relevant today, according to Adomako Baafi, a communication member of the NPP.