One of the respected Ga Chiefs, King Nii Ayitey Anumle Oyanka I, of Oblieman near Sarpeiman in the Ga West Municipality and Chairman of World Human Rights Council (WHRC) for West Africa ~and Ghana~, calls for independence of Ghana’s Central Bank.
To King Nii OyankaI, the Bank of Ghana (BoG) must not operate under the auspices of the Ministry of Finance and Economic Planning. This will enable it focus on a binding approach for private creditors to demonstrate that they are providing net new lending, investment and non recourse assistant in response to the COVID-19 crisis.
Nii Ayitey Anumle Oyanka I, is the President Abola Piam Royal Council of the Tunnmma Royal Dynasty of Ga State and Anamase Royal Alliance Council.
In a statement issued in Accra, Nii Oyanka I, who also doubles Chairman of International Chamber of Commerce (CICC) Chairman for West Africa, indicated that if the BoG is allowed a proper autonomy, it would enjoy the debt relief for the 76 International Development Association countries which were “radically” scaled up to include a relief by bilateral, multilateral and private creditors and Investment Banks until the end of the bad financial crisis due to the pandemic to modulate economic trends.
He believes this will keep the economy from “overheating” by acting as a brake on spending when times are good by making borrowing more expensive, and as well encouraging spending when times are tough by making borrowing cheaper.
This means the decisions central banks make have what economists call “distributive consequences”. Some companies or sectors of the economy, will thrive due to injections of cash from central banks whiles others may not, Nii Oyanka I, explained.
He further stated that, with Central Banks now picking winners and losers, citizens should legitimately ask what criteria they use to do so, and call on bankers to establish responsible investing standards that contribute to a greater social good.
This is already happening, as governments call on central banks to support national security by preventing terrorists and criminal syndicates from accessing banking systems, he cited.
So, if central banks are already supporting non-economic policy goals like national security, climate action and regional integration, what other priorities might we expect them to support?, Nii Ayitey Anumle Oyanka I added.
Broadly speaking, central banks need to fully embrace their unique role as guardians of the future — to think about markets and their impact from an intergenerational perspective. This means making investment decisions in the interest of future generations and not just responding to emerging market dynamics.
Story By: Delali A. Awuyeh/Nationaltymes.com
