As the Bank of Ghana enhances efforts to ensure greater transparency, the President of the public policy think tank IMANI Africa, Franklin Cudjoe, is challenging the Central Bank to publish the unedited minutes of the Monetary Policy Committee (MPC) meetings.
Publishing the minutes of the MPC unedited, including what each member said, Franklin Cudjoe believes will enhance the trust of the market and the public.
The Bank of Ghana (BoG) currently publishes its policy rate decisions and voting direction of each member; however, Franklin Cudjoe suggests it’s not enough.
He is calling for full, unfiltered minutes of MPC meetings, including what each member says, arguing that true transparency demands nothing less.
He suggests that a central bank that shies away from transparency breeds suspicion, but one that exposes its inner workings earns confidence, credibility, and democratic respect.
“To be well fortified in your job, how about having the Monetary Policy Committee’s decisions published, but in the interest of transparency and market confidence, publish minutes of its meetings including what each of the committee members said in its meetings unedited,” the President of IMANI challenged Dr. Asiamah in what appears like an open letter to the governor.
Aside from the recommendation, he commended the governor for upholding the central bank’s credibility but reminded him that monetary and fiscal integrity must never be sacrificed on the altar of political convenience.
He calls on him to focus on his mandate without being influenced by the central government. Cudjoe insists that the governor must always assert his independence or risk becoming a puppet of the government.
“The bank should strive to be independent in ensuring that only prudent fiscal targets set by any government are met. However, if the government deviates from what the bank proposes to be done, then the government loses credibility and will be punished by the voting public,” he added.
He continued, “Just focus on your mandate and never become a puppet of the executive ( government) to fund any extravagant expenses lest you become a good-looking man, but weak, impotent, and a rudderless central bank governor saddled with odious debt like the last one bequeathed to us.”
This call on the governor comes at a more sensitive time. The central bank, while lauded for its monetary discipline in recent months, is still recovering from reputational bruises following past accusations of fiscal complicity, notably funding government deficits without parliamentary approval.
Franklin Cudjoe referenced the past governor who left behind “odious debt” as a reminder that silence and opacity at the Bank can be costly, not just to reputations, but to the economy.
He is therefore inviting the BoG to choose between deeper transparency and continued speculation. By opening its MPC deliberations to the public gaze, the Bank could turn critics into believers and restore confidence in a financial system often shaken by fiscal excesses.
