Demanding Resignation and Systemic Overhaul

The Bank of Ghana has come under increasing scrutiny and criticism due to a series of financial mishaps and controversies. As calls for the resignation of the Bank of Ghana's leadership gain momentum, it is essential to recognize that a mere change in leadership will not suffice. What is urgently needed is a complete demolition and reconstruction of the systems in place to ensure that the same situations do not recur in the future.

The Need for Change:

1. Accountability and Transparency:
One of the primary reasons behind the call for the resignation of the Bank of Ghana's top brass is the lack of accountability and transparency in its operations. The recent financial scandals have highlighted a significant gap in oversight and governance within the institution. A change in leadership alone will not address this underlying issue. Nepotism is deeply entrenched, and meritocracy is non-existent.

2. Regulatory Oversight:
The central bank is entrusted with the critical responsibility of regulating the country's financial sector. Recent events have revealed regulatory failures that allowed unscrupulous practices to go unchecked. Simply replacing the leadership without addressing these regulatory shortcomings will leave the system vulnerable to future crises. The constitutional mandates the BOG is held to have been compromised entirely, with a populace largely and intentionally kept ignorant of their constitutional rights and responsibilities. This must be addressed from both top-down and bottom-up to permit us to meet in the middle.

3. Safeguarding Public Trust:
The public's trust in the central bank has been eroded due to these scandals. Rebuilding this trust is paramount for economic stability and investor confidence. Demanding resignations is one step, but the bigger challenge lies in restructuring the institution to ensure that it regains the trust of the people. Transparent spending practices including salaries and allowances, trimming unnecessary employment figures and streamlining operations for efficiency, and eliminating gaps, overlaps, and loopholes are non-negotiable if we truly want improvements.

Demolishing and Reconstructing the System

1. Comprehensive Review:
A thorough review of the Bank of Ghana's operations and regulatory framework is essential. This must be done with non-partisan input from experts in finance, governance, and economics to identify systemic weaknesses and vulnerabilities.

2. Strengthening Regulatory Oversight:
Reforming the regulatory framework is critical to ensure that the central bank has the tools and authority to monitor and intervene when necessary. This includes improving risk assessment, internal controls, and enforcement mechanisms.

3. Fostering a Culture of Accountability:
Institutional culture plays a significant role in governance. The Bank of Ghana must instill a culture of accountability and transparency at all levels. This involves implementing whistleblower protections and holding individuals accountable for their actions both publicly and privately.

4. Embracing Technology:
The financial landscape is evolving rapidly, and the central bank must keep pace. Embracing modern technology and data analytics can enhance oversight capabilities and reduce the risk of financial misconduct and human error.

5. Public Engagement:
To regain public trust, the Bank of Ghana must actively engage with the public, explaining its actions and decisions in a clear and accessible manner without convoluted jargon and flimsy excuses. Public involvement can also act as a check and balance on the institution.


Calls for the resignation of the Bank of Ghana's leadership are a reflection of the public's frustration and anger over recent financial scandals. However, it is essential to recognize that a mere change in leadership will not be enough to address the deep-rooted issues within the institution. What is needed is a complete demolition and reconstruction of the systems in place to ensure that the same situations do not recur in the future.

This overhaul must involve a comprehensive review of the central bank's operations, a strengthening of regulatory oversight, fostering a culture of accountability, embracing technology, and actively engaging with the public. Only through these measures can the Bank of Ghana regain public trust, safeguard the nation's financial stability, and prevent future crises from occurring.

About Dr. Sam Ankrah
Dr. Samuel Sarpong Ankrah is a respected and accomplished entrepreneur, development economist, investment banker, advocate, and philanthropist known for his commitment to promoting equity, unity, and growth in Ghana. His aspirations of presidency stem from his practical solutions and executive skills to the problems Ghanaians face at the hands of poor leadership, and the genuine love for his country. His desire is to see a thriving nation were all citizens can enjoy a life of peace and prosperity. He believes the only way to accomplish this Herculean task is to break the establishment of the current political duopoly, form a government willing to lay down unmerited luxury for the greater good and progress of all citizens, and build policies and constitutional reform geared toward the future.