Ghanaian entrepreneur and development finance specialist Kofi Arkaah has accused the Bank of Ghana of basing a major policy initiative on a technical model he developed and shared with one of their most senior officials, but doing so sneakily and dishonestly to avoid acknowledging his contributions.
Mr. Arkaah has provided a trail of correspondence that establishes he shared his draft model with a senior official at the central bank, who initially expressed willingness to help him refine the model before abruptly terminating the engagement.
Arkaah’s work focused on developing an optimal gold reserves policy for Ghana, which would complement the country’s inflation-targeting regime and bolster the national currency. There is evidence that after the senior Bank of Ghana official terminated the engagement, the Bank of Ghana announced the Gold Purchase Program in 2021, with the governor giving credit for the idea solely to the sitting Vice President.
Arkaah asserts that he is not looking for fame or monetary compensation but is highlighting the importance of proper sourcing and attribution of ideas in the policy ecosystem to encourage innovative thinking, healthy competition, and professional integrity. He is disappointed with the Bank of Ghana’s conduct, which he believes reinforces a pattern of impunity by the central bank.
Arkaah’s allegations bring to light the Bank of Ghana’s reticence in engaging with professionals desirous of contributing ideas to enhance monetary policymaking in Ghana, and reinforces doubts about the institution’s approach to transparency and good-faith dealings with public stakeholders. The contentious behavior of the bank in this matter is consistent with previous complaints about its conduct, as highlighted by the author of the article.
This case emphasizes the importance of proper credit and dialogue within the policy community, and while it may not result in a lawsuit, it serves as a reminder of the need for transparency and integrity in the exchange of ideas in a professional setting.
