Renowned economist, Kwame Pianim has poured scorn on the 40-member Forex committee set up by the Minister of Finance last week, and has called for its immediate dissolution.

The Finance Minister Ken Ofori Attah last week inaugurated the 40-man Committee to investigate the cause of the depreciation of the Cedi and make recommendations. But the move has attracted wide condemnation from many economists and opposition politicians, and the Finance Minister, who has come under heavy criticism, has been accused of attempting to usurp the constitutional powers of the Bank of Ghana, as well as subtly set up the Vice President for needless attacks.

Adding his voice to the criticism in an interview with Citi FM, Kwame Pianim described the Committee as a public relations stunt, and must be scrapped immediately.

“Dissolve the committee, we don’t need it,” the renowned economist told Umar Sanda on Point Blank.

Mr Pianim said that setting such a committee undermines the constitutional responsibility of the Central Bank, because managing the currency is the constitutional responsibility of the Central Bank.

“I don’t really know the objective of this committee. First and foremost, I think a distinction has to be made on the management of the exchange rate. This is the core function of the Central Bank,” said Mr. Mpianim.

“It was a for a good reason that the management of foreign exchange, the stability of the currency was made the responsibility of the central bank and the central bank was removed from under the Ministry of Finance. It became independent.”

If you look at the constitution, the governor of the Central Bank is the only public official who is exempted from chairing his own governance committee, that is the board of Bank of Ghana for a purpose. We don’t want outside interference,” he added.

Mr. Mpianim wondered why the Finance Minister would set up such a Committee to undermine the statutory function of the Bank of Ghana when the NPP government is credited with fighting to make the Central Bank independent of the Ministry of Finance.

“I think it is bad. It is on a very bad slippery slope and I find it a little bit disheartening that the NPP that fought to make the central bank independent of the Ministry of Finance are also the ones who are promoting this step that may lead to undermining it.”

“The Minister of Finance had opportunity as member of cabinet to make sure that the right people were appointed as directors of bank of Ghana. If he did that, he doesn’t need this Committee,” said Mr. Mpianim.

Mr. added that the NPP government doesn’t need such a Committee at this stage of its tenure, but rather, the government should focus on its economic transformation agenda.

“40 member committee? Are we serious? In the 4th year of this administration?” he quizzed?

“This foreign exchange development committee is wrong. If we need to talk about economic transformation, that’s what we need, not a 40-member Committee. Look at them, they are very busy people, managing banks and managing industries. What time do they have? How do they advice? Advice who? the Bank of Ghana?”

“So this Committee if it is a public relations stunt, that is fine. If it is eye service, that is fine. But I cannot see them contributing to anything."

Ghanaweb