His comments come in the wake of the President naming Dr. Zakari Mumuni as the First Deputy Governor of the central bank pending approval from the Council of State, with a second deputy governor expected to be named soon to replace Dr. Elsie Awadzi who is taking an early retirement from the Central Bank, effective February 28, 2025.

Speaking to Citi Business News, Professor Mensah stressed the importance of maintaining the Bank of Ghana’s autonomy, noting that those appointed to such critical roles must have the ability to act in the best interest of the economy rather than align strictly with political directives.

He pointed out that the Central Bank plays a pivotal role in shaping monetary policy and financial stability, making it essential for its leadership to be composed of professionals who can make independent decisions without undue influence.

“The Central Bank has some operational autonomy but when it comes to appointment on to the boards and top hierarchy of the bank, it has to do with the Executive. Even if you are appointed, you need to look at the function rather than looking at the person who appointed you. It is very key.

“The independence is very important so that as a Central Bank, even though our constitution does not give us enough leeway to get an independent Central Bank, the individuals that are appointed should be able to stand on their own.

“There should be respect that the Executive will give to the Central Bank. We didn’t get that in the previous administration when it comes to the relationship between the Executive and those spearheading the Central Bank.

“The two deputies and the governor himself, they compromised their independence. They gave too much respect to the Executive and that is what brought us to where we find ourselves now. The Finance Minister of the day should have enough respect for the Central Bank because it forms a bank for the State,” Professor Lord Mensah said.