The Governor of the Bank of Ghana, Dr Ernest Addison, is insensitive for funnelling $250 million into a new head office at Ridge at a time the country’s economy is tottering, Ghana’s biggest opposition party, the National Democratic Congress (NDC), said.
Speaking during a press conference as part of the NDC’s “Moment of Truth” series on August 8, 2023, Minority Leader Cassiel Ato Forson expressed strong concerns about the central bank’s decision to proceed with the new head office.
“It is deeply troubling that amidst the financial difficulties facing our nation, the Governor and his deputies opted to allocate $250 million (GHC2.8 billion) for a new Head Office building”, he complained.
“Such a move, given our current circumstances, is an exhibition of insensitivity toward managing the financial affairs of a nation grappling with challenges”, Dr Forson said.
Additionally, the NDC alleged that the BoG had engaged in unauthorised money printing, contributing to hyperinflation and plunging a significant portion of Ghana’s population into poverty.
The NDC statement declared, “The illicit printing of currency by the Bank of Ghana has led to the depletion of the country’s foreign reserves, triggering an unprecedented devaluation of the cedi. This, in turn, has been identified as the primary cause of hyperinflation experienced in 2022.”
In a stern ultimatum, the NDC conveyed their intention to march to the BoG premises and forcefully remove the governor and deputies from office if they do not resign within 21 days.
“The IMF has made offers to assist the Government develop a plan for the recapitalisation of the Central Bank. 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”, Dr Forson cautioned.
He added: “Those who have, by their reckless and criminal conduct unleashed economic hardship and financial distress on the suffering people of Ghana must be held to account”, warning: “Impunity of the highest order can no longer be tolerated by the suffering masses of Ghanaians. We must not allow dangerous precedents to be set for future leaders”.
“Beyond the mismanagement of the economy and our finances, the spectacular recklessness and ineptitude of the Governor and his team has called into question the wisdom of leaving him at the helm of affairs of the Central Bank”.
“In this regard, 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 and drive out the team of inept, callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana”, he noted.
Dr Forson said “the ‘March to Ensure Accountability’ will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated”.
Source: classfmonline.com
