The opposition NDC has called for the resignation of the Governor of the Bank of Ghana, Dr. Ernest Addison, following what it described as the mismanagement of the nation’s finances.
The party also demanded the exit of his two Deputies, Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzie.
In a press conference on Tuesday read by Minority Leader, Dr. Cassiel Ato-Forson, the party cited the 2022 financial statements of the bank, which saw a loss of GHC 60.8 billion, as evidence of the “inept” management of the Central Bank.
The party attributed the loss to the continuous overlending practices of the BOG to the government as well as the excessive printing of money to fund the government’s projects, which caused a severe depreciation of the currency.
“After this dastardly act of over-lending to the government by the Central Bank, they then proceeded to do the unthinkable—to write off a whopping GHC 48.4 billion, about half of the Ghana Government’s indebtedness to the Central Bank, without parliamentary approval.”
“The BOG’s illegal printing of money is responsible for the depletion of Ghana’s external reserves, which resulted in the unprecedented depreciation of the Cedi, the main cause of hyperinflation in 2022. It is important to state that the Governor breached section 30 (7) of the Bank of Ghana Act, 2012 (Act 612), and Section 60 of the Bank of Ghana Amendment Act, 2016 (Act 918).”
The NDC said that despite the IMF’s willingness to help the country stem the tide of its economic woes, those who supervised the predicaments should not be allowed to stay in office.
“It is, however, our position that those who have so recklessly mismanaged the Central Bank and brought it to its knees cannot remain at the helm of affairs of the bank without being held accountable. Those who, by their reckless and criminal conduct, have unleashed economic hardship and financial distress on the suffering people of Ghana must be held to account. Impunity of the highest order can no longer be tolerated by the suffering masses of Ghanaians.”
Additionally, the party urged the resignation of the Governor and his two deputies within 21 days, failing which they will embark on a series of pickets at the BOG’s premises.
“We call for the resignation of the Governor of the Central Bank and his deputies within 21 days from
today. We are resolved to embark on popular action to occupy the Central Bank, drive out the team of inept, callous, and criminal mismanagers of the finances of this country, and Save the Bank of Ghana”, the party charged.
Last week, the BOG attributed the GHC 60.8 loss in their books to acting as a buffer for the government during the domestic debt exchange.
The BOG also stated that the loss does not immediately suggest insolvency, although the government would need to recapitalize it in the long run.
