Bankers Kick Against Fixed 10-Year Non-Renewable Tenure For BOG Governor

Industry players in the banking sector have kicked against recommendations by government to give the Governor of the Bank of Ghana a fixed ten year non-renewable tenure in office. The Constitution Review Commission in its final submissions to government recommended that the tenure of office of the Governor of the Bank of Ghana should end with the President who appoints him. However government in the report recommends that the countryís central bank governor should have a fixed ten year non renewable tenure in office just like the chairmen and members of other independent bodies. The recommendations however seem to have drawn mixed reactions from the banking sector with many industry players kicking against the move. Head, Faculty of Corporate Reporting and Investment Banking at the National Banking College, Nana Otuo Acheampong, tells Citi Business the move will not be in the interest of the nation in the long run. "I think itís not in accordance with the functions of the Bank of Ghana. There are some 11 functions, the ninth one being, the central bank acts as the banker and financial advisor to government and therefore if one has a governor who struggles with three governments it will be challenging so I think in the long run its not in the best interest of the nation and any government in power." he said. But a few bankers who are in favor of the recommendation say the move will help promote consistency in cases where good policies are being implemented by a governor.