Ghanaian Entrepreneur Accuses Bank of Ghana of Plagiarism

The Bank of Ghana (BoG) is facing serious allegations of intellectual property theft and plagiarism from Ghanaian entrepreneur and development finance specialist, Kofi Arkaah. Arkaah has accused the central bank of adopting a major policy initiative based on a technical model he developed without giving him proper credit.

The controversy echoes similar cases involving central banks and academic integrity concerns in other countries. Murat Uysal, former governor of Turkey’s central bank, faced criticism for plagiarizing parts of his Master’s thesis and published works. Similarly, accusations of plagiarism were directed at Ásgeir Jónsson, the governor of Iceland’s central bank, by a Norse Philologist, Bergsveinn Birgisson.

In the Nigerian context, academic Victor Dike accused Lamido Sanusi, then governor of the Central Bank of Nigeria (CBN), of copying from his academic paper without attribution. The CBN’s response was dismissive, claiming that the governor was not the author of the speech in question. Now, Kofi Arkaah alleges that the Bank of Ghana utilized his technical model for developing an optimal gold reserves policy without acknowledging his contributions. He claims to have shared a draft model and underlying data with a senior official at the central bank, who initially expressed interest but later terminated the engagement.

Despite the abrupt end to their collaboration, the Bank of Ghana announced the Gold Purchase Program in 2021, crediting the idea solely to the Vice President, Dr. Mahamudu Bawumia, in official speeches. Arkaah contends that the technical mechanics of the program were derived from his model, yet he was not recognized. Arkaah emphasizes that his concern is not about monetary compensation but about the principles of professional integrity and proper attribution of ideas. He believes that intellectual property infringement stifles innovation and undermines the integrity of policy development processes.

The case highlights broader issues within the policy ecosystem, where ideas should be sourced and attributed to encourage innovative thinking and professional integrity. Arkaah asserts that the Bank of Ghana’s conduct undermines its role as a technical organization and perpetuates a pattern of impunity. Critics argue that the Bank of Ghana’s lack of transparency and engagement with public stakeholders has hindered intellectual scrutiny and feedback on its policies. Arkaah’s allegations add to existing concerns about the central bank’s approach to governance and accountability.

Despite the setback, Arkaah remains committed to advancing his ideas for optimal gold reserves management, viewing them as essential for Ghana’s economic development. He sees his campaign as having continental relevance and vows to continue advocating for policy transparency and integrity.