The government has presented a bill to Parliament seeking to amend the Bank of Ghana Act to allow for the extension of the Bank’s Board mandate.
The proposed legislation aims to extend the Board’s tenure from four to five years and to include the outgoing Minister of Finance as a board member until a new government appoints a fresh board.
The amendment also seeks to regulate the Bank of Ghana’s financing of government expenditures. Under the proposed changes, any Bank of Ghana financing exceeding 5% of government spending would require parliamentary approval.
The Minority in Parliament has raised concerns about the bill, alleging that the government is attempting to exert control over the Bank of Ghana and monopolize its operations.
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