The Asantehene, Otumfuo Osei Tutu II is asking authorities to enact laws that will ban past or present Bank of Ghana (BOG) governors from establishing banks in the country.
According to him, the current system when former or present BOG governors are allowed to establish banks amounts to conflict of interest.
“You cannot be a regulator and player at the same time, therefore there should be a fresh law that will strictly forbid present and former governors of the BoG from establishing their own banks in the country,” said Otumfuo in a speech read on his behalf by the Akomferehene Oheneba Akwasi Abayie during the inauguration of the Bank of Ghana (BoG) Data Centre at Ahinsan in Kumasi on Friday.
“We have some examples to give when it comes to present and former governors of the Bank of Ghana establishing banking institutions in the country, and so I am calling for a law to prevent such thing from happening.”
According to Asantehene, there is no place in the world where people occupying positions like the BOG governor are allowed to establish financial institutions.