A press statement issued by the Minority Caucus on the Finance Committee of Parliament has sparked a constitutional and ethical debate over the dual role of Isaac Adongo, who currently serves both as the Chairman of Parliament’s Finance Committee and a member of the Board of Directors of the Bank of Ghana (BoG).

The Minority contends that this dual responsibility presents a clear conflict of interest, undermining the independence of Parliament’s oversight of the central bank, and potentially breaching both constitutional provisions and parliamentary standing orders.

Background to the Controversy

Isaac Adongo, a Member of Parliament for Bolgatanga was appointed to the BoG board by President John Dramani Mahama earlier this year.

This appointment followed years of service by Adongo on the Finance Committee, and a growing public profile shaped by his vocal economic commentaries, particularly on monetary policy and exchange rate management.

His recent remarks on foreign exchange regulation—delivered in his capacity as a board member—have reignited debate over the legitimacy of his dual roles.

Critics argue that by being part of the institution he is also constitutionally mandated to oversee, Isaac Adongo's impartiality and the credibility of the committee’s work are jeopardized.

Legal and Constitutional Implications

Central to the Minority’s argument is Article 184(1) of the 1992 Constitution, which mandates the Finance Committee to monitor and report on foreign exchange receipts, payments, and transfers of the Bank of Ghana biannually.

Similarly, Standing Order 228(2) of Parliament reinforces this oversight role by requiring the Committee to scrutinize the BoG’s foreign exchange operations both domestically and internationally.

Given that the same committee chair now sits on the board of the institution under review, the Minority believes the situation violates the legal principle of "nemo judex in causa sua"—no one should be a judge in their own cause.

Additionally, Standing Order 230(3)(c) references another parliamentary body—the Committee on Economy and Development—as having some jurisdiction over the BoG’s economic mandate.

However, the Minority insists that Article 184 takes precedence, positioning the Finance Committee as the ultimate parliamentary check on the central bank.

“This dual role clearly undermines the independence and discretionary authority of the Finance Committee. How can the same person who receives reports from the BoG also be one of the institution’s board members shaping those same reports?” the statement queried.

Calls for Presidential Reconsideration

The Minority has called on President Mahama to reconsider Adongo’s appointment, citing constitutional and ethical concerns.

Referencing Article 58 of the Constitution—which vests executive authority in the President to be exercised within constitutional bounds—they argue the appointment was a discretionary misstep that risks institutional credibility.

The statement pointed to warnings issued earlier by legal experts such as lawyer and media host Sampson Lardy Ayenini, who had flagged the possible legal inconsistency in Adongo’s dual appointment.

“Maybe the President did not take notice of that, but please Mr. President, respectfully, take a second look,” the statement urged.

Adongo’s Conduct as Board Member Under Scrutiny

The Minority’s concerns extend beyond legal technicalities.

They accuse Adongo of overstepping his responsibilities as a non-executive director of the Bank of Ghana by engaging in policy advocacy, particularly on exchange rate interventions and foreign currency regulation—functions typically reserved for BoG executives.

While acknowledging that Adongo’s recent criticisms of dollarization and foreign currency pricing are economically sound and grounded in the Foreign Exchange Act, 2006 (Act 723), the Minority stresses that such positions should be taken in his capacity as a lawmaker, not as a central bank board member.

The Bigger Picture: Reforming Ghana’s Foreign Exchange Policy

Beyond the conflict-of-interest debate, the statement reflects broader concerns about Ghana’s exchange rate regime.

The Minority notes that short-term interventions by the BoG have lacked the resilience and structure needed for sustainable monetary stability.

They welcome recent efforts to clamp down on black-market forex trading, but caution that reforms must be comprehensive, inclusive of key stakeholders—particularly commercial banks—and rooted in long-term planning to avoid what they call “strategic drift.”

Dangerous Game

The Minority’s press release ends with a stern warning: allowing Isaac Adongo to retain both roles could set a dangerous precedent of executive overreach and weaken Parliament’s institutional authority.

They insist that democratic accountability and constitutional fidelity must guide appointments to strategic public institutions, especially those as pivotal as the Bank of Ghana.