Minority in Parliament Condemns President Mahama Over Discontinuation of Criminal Charges Against Acting BoG Governor

Peter February 5, 2025 132

The Minority in Parliament has launched a scathing critique of President John Dramani Mahama for facilitating the discontinuation of criminal charges against Dr. Johnson Asiamah, the Acting Governor of the Bank of Ghana (BoG). The opposition lawmakers argue that this move undermines the principles of transparency and accountability and raises serious concerns about governance, the independence of state institutions, and the integrity of Ghana’s financial sector.

At a press conference on Wednesday, 5th February, the Minority, led by the Member of Parliament for Tano North, Dr. Gideon Boako, strongly opposed the Attorney General’s decision to drop all charges against Dr. Asiamah. They insisted that his ongoing prosecution should not have been halted simply because of his new appointment as Acting Governor. The Minority described the move as politically motivated and a dangerous precedent that could weaken public confidence in the rule of law.

Background of the Case

Dr. Asiamah, who previously served as Deputy Governor of the Bank of Ghana under the former administration, was facing criminal charges related to financial mismanagement. Specifically, he was accused of authorizing substantial financial support to a commercial bank that had been declared insolvent due to severe irregularities and mismanagement by its leadership. The decision to inject funds into the struggling institution was taken despite warnings from financial regulators that the bank’s operations had become unsustainable.

Under the previous government, an investigation was launched into the matter, leading to the prosecution of key figures involved, including Dr. Asiamah. However, following a change in administration, the Attorney General under President Mahama’s government reviewed the case and decided to discontinue the charges. The Attorney General defended the move, claiming that the charges were politically motivated and part of a broader witch-hunt by the former regime against officials associated with the financial sector. This was followed by Dr. Asiamah’s elevation to Acting Governor of the BoG, a decision that has sparked controversy and drawn widespread criticism from the opposition.

Minority’s Concerns Over Governance and Accountability

The Minority contends that the discontinuation of the case is a blatant interference with the judicial process and raises serious governance concerns. They argue that allowing politically appointed officials to evade prosecution based on partisan considerations undermines the credibility of Ghana’s legal and financial institutions.

According to the opposition lawmakers, the move demonstrates a worrying trend where political connections, rather than legal merit, determine the outcome of corruption and financial misconduct cases. They warned that such actions could set a dangerous precedent where government officials accused of financial mismanagement or abuse of power are shielded from prosecution once they gain favor with the ruling party.

“The decision to drop these charges does not exonerate Dr. Asiamah in any way,” Dr. Boako stated during the press conference. “It only raises further questions about whether the government is committed to fighting corruption and ensuring that public officials are held accountable for their actions. The people of Ghana deserve transparency and justice, not politically motivated legal maneuvering.”

The Minority further expressed concern that this move could embolden future financial misconduct, as officials might assume they can evade justice if they align themselves with the right political forces. They stressed that the case should have been allowed to run its full course in court to determine Dr. Asiamah’s culpability or innocence, rather than being unilaterally dismissed by the government.

Economic and Political Implications for Ghana

Beyond governance concerns, the Minority warned that the decision to discontinue the prosecution could have far-reaching economic and political consequences for Ghana. They highlighted the potential impact on investor confidence, stating that international financial institutions and economic risk analysts closely monitor developments in governance and the rule of law when making decisions about engaging with a country.

The opposition cautioned that Ghana’s reputation within the global financial community could suffer as a result of this decision. They noted that the perception of political interference in financial regulatory matters could discourage foreign investors, lead to higher borrowing costs, and reduce Ghana’s ability to negotiate favorable terms with international lenders.

“Political and economic risk analysts will not be kind to Ghana given that some global financial institutions may refuse to do business with Ghana due to the uncertainty over these charges being reinstated by a future Attorney-General. This will likely increase the cost of Ghana’s international transactions and put additional pressure on the country’s financial stability,” the Minority cautioned.

They further warned that financial watchdogs such as the International Monetary Fund (IMF) and the World Bank may take note of the development, potentially affecting Ghana’s standing in international economic assessments. If the country is seen as lacking in regulatory oversight and accountability in the banking sector, it could face downgraded credit ratings, making it more difficult and expensive to secure financial assistance or investment.

Future Legal Risks and Leadership Concerns

The Minority also pointed out that halting the prosecution does not equate to clearing Dr. Asiamah of any wrongdoing. They warned that a future government could reinstate the charges, which could create uncertainty regarding his leadership at the Bank of Ghana. If legal proceedings against him were to resume under a new administration, it could undermine confidence in his decisions as Governor, further destabilizing the central bank and the country’s financial system.

Additionally, they raised concerns about how this controversy could impact Ghana’s ability to engage effectively in international financial negotiations. They questioned whether Dr. Asiamah, with these unresolved allegations hanging over him, would be viewed as a credible leader by Ghana’s international financial partners.

Calls for Action

In light of these concerns, the Minority called on the government to reconsider its decision and allow the judicial process to proceed without interference. They urged civil society organizations, anti-corruption agencies, and financial regulators to take a stand against what they described as an abuse of executive power.

They also called on international financial institutions and foreign diplomatic missions to take note of the situation and hold the government accountable for its handling of legal and financial regulatory matters.

“The fight against corruption cannot be selective. It cannot be determined by who is in power and who benefits from an appointment,” Dr. Boako declared. “If Ghana is to progress as a credible and trustworthy player in the global financial system, we must ensure that accountability and transparency remain at the core of our governance structures.”

The Minority vowed to continue pressing for answers and to explore all possible parliamentary and legal avenues to challenge what they see as an unjustified and politically motivated decision.

Conclusion

The controversy surrounding Dr. Asiamah’s appointment and the discontinuation of his prosecution has sparked intense debate over the state of governance, the independence of Ghana’s judiciary, and the future of financial regulation in the country. The Minority’s strong opposition signals a deepening political divide over issues of accountability and economic management.

As Ghana navigates its financial and political landscape, the international community and local stakeholders will be watching closely to see how the government responds to these concerns. The broader implications of this decision—on governance, investor confidence, and economic stability—are likely to remain a subject of intense scrutiny in the months ahead.