An Economist and a Professor at the University of Ghana Business School, Lord Mensah has said the central bank of Ghana plays an important role in the management of the economy therefore persons who have no question marks or credibility issues around their necks should be appointed as Governors or Deputy Governors.
Prof Mensah stated that it is not possible to differentiate the personality when it comes to the central bank. He therefore urged the president to identify the right person.
He was reacting to the exit of Dr Ernest Addison as Governor of the Bank and the two Deputies, Dr Maxwell Opoku Afari and Elsie Addo Awadzi.
Speaking on Joy News on Monday, February 10, he said “They should be able to bring someone who understands the systems very well, someone who understands banking operations, someone who understands what it means to ensure that the central bank sits to make sure the economy runs well.
“The central bank plays a major role when it comes to controlling of money supply, ensuring that government business goes on well, and so if we turn up to bring people who have question marks and credibility around their behaviour, it becomes a problem.
“So I think the president should be able to identify the right person. We cannot differentiate the personality when it comes to the central bank because we call something reputational risk, one thing that a bank can suffer which is difficult to redeem is what we call reputational risk and if it turns up to be something that will affect the central bank then dealing with the central bank becomes a problem.
“We should remember that in Ghana, we are not sitting in isolation, we are a country where we are dealing with the international community so the personalities within the space of the central bank are very important.”
