Public Criticism Unnecessary, Central Bank Must Remain Independent — Dr. George Domfeh

Economist Dr. George Domfeh has urged restraint in public discourse surrounding the reported GH¢15.63 billion loss by the Bank of Ghana, cautioning against excessive criticism of the central bank’s operations.

Speaking on Kessben TV’s Digest programme, Dr. Domfeh emphasized that while the Bank of Ghana is not a profit-oriented institution, it plays a crucial role in contributing monetary value and ensuring stability within the national economy.

According to him, operational challenges within the central bank should not be subjected to intense public backlash, noting that such matters are better handled within appropriate institutional frameworks.

He further highlighted that former President John Agyekum Kufuor introduced policies aimed at insulating the central bank from political interference, a move he described as essential to maintaining its independence.

“The Bank of Ghana is not directly answerable to the general public but to Parliament when the need arises,” he stated, stressing that accountability mechanisms already exist within Ghana’s governance structure.

Dr. Domfeh also called for civility in economic discussions, urging economists and stakeholders to tolerate differing opinions without resorting to insults.

On the broader economy, he noted that while Ghana’s economy is not yet resilient, it has shown signs of macroeconomic stability. He explained that true economic resilience depends on diversification and a country’s ability to control its export choices without being overly exposed to external shocks.

Touching on transparency concerns, Dr. Domfeh acknowledged claims that some debts of the Bank of Ghana may not have been fully reflected in its financial statements, but indicated that such liabilities are likely to be captured in comprehensive national audits.

The Bank of Ghana’s reported financial loss has sparked debate among policymakers and economic analysts, with calls for greater transparency and accountability continuing to dominate public discourse.