Finance Ministry, Central Bank must be independent guardians of our collective future – King Oyanka

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The Chairman of Anamase Royal Alliance Council of Anamase Royal Family and President of Abola Piam Royal Council of The Tunnmma Royal Dynasty of Ga State,  Nii Ayitey Anumle Oyanka I has declared the ambition of making poverty a thing of the past among his people if Central bankers stay Independently without political influences.

Nii Oyanka noted that, np to now, various governments and politicians have thought too narrowly about what we mean by a long-term perspective.

“At the heart of central banking is a puzzle: Why should we allow unelected people to run the economy in a democracy? The answer is this: central bankers need to be independent of both financial markets beholden to business cycles and politicians beholden to political cycles so that they can afford to think about the long term”.

Nii Oyanka, who also serves as CICC Chairman for West Africa and also the appointed World Human Rights Council Chairman for West Africa and Ghana called for Central bankers and Finance Ministry at this pandemic era, to focus on a new binding approach for private creditors to demonstrate that they are providing net new lending, investment and non-recourse assistant in response to the COVID-19 crisis.

He again noted that the authorities should keep the economy from overheating by acting as a brake on spending when times are good by making borrowing more expensive, and encourage spending when times are tough by making borrowing cheaper.

“This means the decisions central banks make have what economists call “distributive consequences”. Some companies, or sectors of the economy, will thrive due to injections of cash from central banks and others will not”, Nii Oyanka noted.

Nii Oyanka further stated that, with central banks now picking winners and losers, citizens should legitimately ask what criteria they use to do so, and call on bankers to establish responsible investing standards that contribute to a greater social good.

“This is already happening, as government leaders call on central banks to support national security by preventing terrorists and criminal syndicates from accessing banking systems, for example. So, if central bankers are already supporting non-economic policy goals like national security, climate action and regional integration, what other priorities might we expect them to support? Considerably speaking, central banks need to more fully embrace their unique role as guardians of the future — to think about markets and their impact from an intergenerational perspective. This means making investment decisions in the interest of future generations, not just responding to emerging market dynamics”, he concluded

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