By: Edzorna Francis Mensah
The Dean of School of Business at the University of Cape Coast, with expertise in Finance, Financial Economics, Regulatory Management, Oil and Gas Management and Law, Professor John Gartchie Gatsi, has called on the Central Bank to publish Monetary Policy Committee members’ reasons behind Monetary Policy decisions suggesting that, the independent bodies like the Bank of Ghana (BoG) are not secret societies to avoid transparency, accountability and fair communication.
According to him, Members of Monetary Policy Committee at the Bank of Ghana should be required to provide written reasons in arriving at decisions and should be published just as a judge does after arriving at a decision in a trial to enhance good governance of the Central Bank
Speaking at the Finance Forum Lecture Series on 30th September, 2024 in Accra, Professor John Gatsi also indicated that the fiscal responsibility act should not have been suspended because it gave the impression that “we have boundary-less fiscal framework” as he submitted that the act must be changed to provide fiscal limits in normal time as well as in times of acute crisis or emergency.
Professor Gatsi pointed to the fact that an Independent Debt Office is needed to monitor and recommend debt ceilings and adjustments as permitted by the law because, “the debt management office in section 54 of the public financial management act under the supervision of the chief director of the Ministry of Finance therefore not independent”.
Touching on the election matters, Professor Gatsi encouraged the EC and political parties to prioritize the integrity and credibility of the Voters Register by conducting the audit so that the time factor is not used to blackmail the process.
The EC thrives on the trust of citizens and the trust must be won in every election year and Independent Constitutional Bodies are not secret societies that conduct their affairs without transparency, accountability, and integrity as good governance pillars.
According to him, “an audit tests compliance with policies and legal procedures required to establish a register. An audit may be internal but an external audit is needed to assure stakeholders as to whether or not the register is established through procedures and observation of established protocols as provided by law”.
He precedes “when integrity of the register is in question, external audits of the operational and IT systems are needed to satisfy stakeholders. A call for audit does not take away the independence of the Electoral Commission”.
“The EC brings in independent professionals all the time to help one way or the other. The argument that bringing an independent IT Audit firm to conduct an audit for the EC means the independence of the EC is violated is just a defense mechanism and is not supported by law and the practice within international electoral management”, he added.
