The Forum for Development and Accountable Governance (FDAG) has strongly refuted allegations made by Dr Gideon Boako, Member of Parliament (MP) for Tano North, regarding the appointment of Dr Johnson Asiama as Governor of the Bank of Ghana (BoG).
In a statement issued on Thursday, February 6, 2025 and signed by its Senior Research Fellow, Nana Kojo Abbam, FDAG criticised Dr Boako’s claims, which suggests that the appointment is illegitimate due to a lack of prior consultation with the Council of State.
Citing Supreme Court rulings, FDAG clarified that presidential appointments requiring consultation do not necessitate prior approval, making Dr Asiama’s appointment legally sound.
”Under Article 70 of the 1992 Constitution, the President has the authority to appoint the Governor of the Bank of Ghana in consultation with the Council of State. However, the Supreme Court has consistently ruled that consultation with the Council of State does not mean the President must secure prior approval or wait for the Council’s response before making an appointment.
“In the landmark case of Agyei Twum v. Attorney General & Akwetey (2005), the Supreme Court clarified that consultation is an advisory process and does not bind the President. This means that while the Council’s input is valuable, the President retains ultimate discretion,” the statement read.
Additionally, the statement condemned Boako’s claim that Dr. Asiama is a “Potential criminal convict,” stressing that the former Deputy Governor has not been convicted of any crime. “It is important to note that the charges previously brought against Dr. Asiama were withdrawn by the Attorney General due to lack of evidence. This means that after a thorough investigation, the legal authorities found no grounds to prosecute him.”
The statement continued, “If new evidence has emerged, the appropriate course of action is to present it before the courts, engaging in public trials through political statements.”
The civil society group also dismissed concerns that Dr Asiama’s appointment poses a reputational risk to international financial institutions, arguing that such narratives are politically motivated rather than fact-based.
“Dr. Boako’s claim that Dr. Asiama’s appointment poses a reputational risk to the country vis-a-vis IMF and other international financial institutions is not grounded in fact,” the statement maintained.
“The IMF and similar organisations operate on principles of legal due process and institutional independence. As long as Dr Asiama has not been convicted of any wrongdoing or disqualified by relevant regulatory bodies, there is no basis to suggest that his appointment damages Ghana’s credibility. Instead, Ghana’s institutional credibility is weakened when political actors create perceptions of instability through public disputes over lawful appointments,” it stressed.
Highlighting Dr Asiama’s key contributions to Ghana’s financial system, FDAG stated, “One of his most significant contributions was his leadership in the designing and implementation of the Deposit Protection Act, 2016 (Act 931), which established the Ghana Deposit Insurance Corporation (GDIC).”
The Civil Society Group further explained, “As Deputy Governor in charge of supervision at the Bank of Ghana during this period, Dr Asiama was instrumental in shaping the deposit insurance framework, which serves as a critical safeguard for depositors in the event of bank failures. The GDIC remains a cornerstone of Ghana’s financial stability, providing confidence in the banking system and protecting depositors from systemic risks.”
FDAG further stated that, as Deputy Governor in charge of supervision, Dr Johnson Asiama was the “Key architect in initiating the groundwork for the Corporate Governance Directive, which was later issued in 2018.
“This directive has since strengthened governance frameworks in Ghana’s banking sector, enhancing risk management, strategic planning, and board and management competencies. Insiders at the Bank of Ghana acknowledge that this critical reform began under Dr. Asiama’s leadership before the change in government in 2016 which led to his contract termination,” the statement said.
FDAG called for an end to politically charged rhetoric and urged all parties to respect due process in governance.
It also encouraged a more responsible and measured approach to political discourse, particularly regarding appointments to key institutions.
The Group said, “Public accountability must be pursued through legal and institutional mechanisms, not through media trials and speculative accusations.”
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