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Ato-Forson Is Wrong; Bank Of Ghana Is Autonomous In All Its Functions


Ato-Forson Is Wrong; Bank Of Ghana Is Autonomous In All Its Functions

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Cassiel Ato-Forson is making a mockery of his certificates with his destitute defense in relation to whether the Bank of Ghana Hospital was built by Mahama and should, therefore, be classified as his legacy or not.Responding to Mr. Kweku Baako who made nonsense of the claim that Mahama built that edifice, the former Deputy Finance Minister said Mr. Baako needs to understand that the central bank has functional autonomy and that autonomy does not apply when it comes to the use of public funds.

What Ato-Forson fails to appreciate is the fact that in procuring loans, public boards and corporations created by an Act of Parliament are not mandated by law to go to Parliament for approval under Article 181 (5) of the Constitution of the Republic of Ghana.

The Supreme Court, in determining this matter in the case between Francis Klomega vrs Attorney General held that such functions are not subjected to the dictates of Parliament. Impliedly, the issue of autonomy comes to play when it comes to funds of such establishments.

Another important example to look at is the cocoa syndicated loans which COCOBOD procures from the World Bank annually. These loans do not need Parliamentary approval and for that matter, Parliament does not supervise their applications much as the Executive cannot also determines how these funds are applied.

The Bank of Ghana, therefore, determines what, how and when it wants to apply its funds as determined by the Board and management. The autonomy of the central bank in its functions cannot be questioned by both the Legislature and Executive arms of Government. The Bank’s hospital cannot be a legacy for Mahama, under these unimpeachable facts.

P.K. Sarpong, Whispers from the Corridors of the Thinking Place.

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