Dr. Gideon Boako
The Minority has raised serious concerns over the nomination of Dr. Johnson Asiama as the new Governor of the Bank of Ghana (BoG).
Addressing a press conference earlier today in Parliament, the Minority-led Member of Parliament for Tano North, Dr. Gideon Boako questioned the integrity of the appointment.
He cited Dr. Asiama’s previous legal troubles and the decision to drop the criminal charges against him just before his nomination.
Dr. Boako pointed out that Dr. Asiama, who served as the second Deputy Governor of BoG until his nomination, was standing trial in the courts for several serious charges, including fraudulent breach of trust, money laundering, conspiracy to commit crime, and violations of the Bank of Ghana Act.
The Minority said these charges were unexpectedly withdrawn by former President John Dramani Mahama days before Dr. Asiama’s nomination.
“This is a matter of grave concern,” Dr. Boako said, adding “Dr. Asiama was under trial for serious criminal offenses, some of which directly relate to his role at the Bank of Ghana. Yet, before the judicial process could run its course, President Mahama chose to nominate him to head the very institution responsible for overseeing and preventing the types of crimes he was standing trial for.”
Dr. Boako also referenced a scathing 2019 statement from the Bank of Ghana, which criticized Dr. Asiama’s handling of the collapse of UT Bank and Capital Bank.
The statement accused him of failing to take action to protect depositors and the financial system, opting instead to allow public funds to be used to rescue failed institutions while their shareholders misappropriated these resources.
“It is incredibly troubling that someone whose actions were directly questioned during one of the biggest financial crises in Ghana’s history is now being appointed to lead the institution responsible for ensuring the stability of our financial system,” Dr. Boako continued.
“The evidence against him is clear, yet the charges were conveniently dropped,” he stressed.
Dr. Boako underscored the potential risks of appointing Dr. Asiama as BoG Governor, particularly in the context of Ghana’s ongoing International Monetary Fund (IMF) programme.
He raised concerns about the international community’s perception of Ghana if Dr. Asiama were to assume the high office without the charges being resolved.
“How will the IMF and international financial bodies view us if one of our key representatives is a person facing serious allegations of criminal activity? What will this mean for Ghana’s credibility in the global financial markets?” he asked.
“This is not just a local issue; it affects our international reputation and could have serious economic consequences,” he stated.
The MP also questioned the potential conflict of interest for Dr. Asiama, especially given the fact that many of the charges against him were tied to decisions made while he was at the BoG.
“How can Dr. Asiama be trusted to fairly oversee the Bank of Ghana when he was directly involved in the policies and decisions that led to the financial sector’s turmoil? Will he be biased in his decisions, especially when dealing with the same institutions involved in his past controversies?” Dr. Boako asked.
The NPP MP cautioned that the country risks facing significant political and economic repercussions if Dr. Asiama’s appointment is approved.
He warned that international financial institutions may choose to distance themselves from Ghana due to the uncertainties surrounding Dr. Asiama’s legal standing and the potential for the charges to be reinstated under a future government.
“The international financial community will not overlook these concerns,” he warned.
“They will scrutinize every move made by Dr. Asiama as Governor, and this could result in higher costs for Ghana’s international transactions.
“It is crucial that we do not sacrifice the integrity of our financial system and our international standing for the sake of political expediency,” he intimated.
Dr. Boako announced that the Minority would be writing to the IMF to alert the organisation to these developments and urge them to carefully scrutinize Dr. Asiama’s record and his potential impact on Ghana’s financial future.
“The charges against Dr. Asiama were not just dropped—they were withdrawn, and that raises serious questions,” Dr. Boako concluded. “We must ensure that our central bank is led by someone who is above reproach and whose integrity is unquestionable.
“This is not just a matter of law; it is a matter of protecting the financial stability and credibility of our nation,” he said.
By Ernest Kofi Adu, Parliament House