Otumfuo Wants BoG Governors Banned From Establishing Banks
The king and overlord of the Ashanti kingdom, Otumfuo Osei Tutu II, believes both present and former Governors of the Bank of Ghana (BoG) must be banned from establishing their own banks in the country. According to him, allowing such a thing to happen amounts to a conflict of interest, which does not bode well for the banking sector. The Asantehene has, therefore, called for the enactment of a law that prevents BoG Governors from establishing banks of their own.
“You cannot be a regulator and player at the same time, therefore there should be a fresh law that will strictly forbid present and former governors of the BoG from establishing their own banks in the country. “We have some examples to give when it comes to present and former governors of the Bank of Ghana establishing banking institutions in the country, and so I am calling for a law to prevent such thing from happening.”
The Asantehene made the call in a speech read on his behalf during the inauguration of the Bank of Ghana (BoG) Data Centre at Ahinsan in Kumasi. According to him, there is no country in the world where people who occupy sensitive positions similar to that of the Governor of the BoG are allowed to establish their own bank.