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| (Professor Ransford Gyampo) |
The protest, which took place on October 3, was against Dr. Addison and his deputies' continued leadership of the central bank despite the significant financial losses incurred in the 2022 financial year. In response to the demonstration, Dr. Addison described it as "completely unnecessary" and suggested that the protesters should have used other channels to address their grievances instead of demonstrating like "hooligans."
Professor Van Gyampo, in his response, disagreed with Dr. Addison's characterization of the protest as unnecessary and highlighted that public demonstrations are legitimate forms of expressing grievances in democratic societies. He emphasized that the Minority in parliament had every right to voice their concerns through peaceful protests, and it was unfair to label them as "hooligans."
The governor had attributed the bank's losses to the government's domestic debt exchange program and the depreciation of the Cedi against major trading currencies. However, the protesters argued that the significant financial losses and negative equity of the bank warranted the resignation of Dr. Addison and his deputies.
In summary, Professor Van Gyampo countered Dr. Addison's criticism of the protest and defended the rights of the Minority in parliament to express their grievances through demonstrations. He emphasized that democracy allows for peaceful protests as a means of voicing concerns and seeking accountability from those in positions of power.
Professor Gyampo in an open letter has responded to the governor as follows:
Dear BoG Governor,
- Your response to the tax payers and demonstrators is unprecedented. You want to determine how they voice their dissatisfaction about your abysmal performance? You described them as hooligans for demonstrating against you? Please who are you? Are you a demi-god or some deified ancestor-incarnate? It appears you have a very infinitesimal understanding of the system of government we have decided to operate and I strongly recommend that you take lessons in the tenets of democracy, that creates the kind of environment conducive for your work and for all us to thrive. Otherwise, your attitude is going to be the cause of many demonstrations that would peak our political temperature and create unnecessary tension.
- Isn’t it under your watch that the BoG has negative equity? If my understanding of negative equity is correct, it means the BoG has no money to operate, and if so, where are you getting money for the construction of your new Headquarters? Borrowing to soak us into more debt or printing more money?
- The BoG is currently insolvent under your watch and it doesn’t lie in your mouth to offer your own definition of what insolvency is. It is an insult to our intelligence to get us into this quagmire, and still marshal the audacity to tell us that the BoG is technically not insolvent because, it is a state entity. If there’s no money, there’s no money.
- You spent about 137 million on vehicle maintenance; collapsed over 400 banks and micro-finance companies; printed over 700 trillion within 2 years; and depleted our foreign reserves. Yet you still want to determine how the tax payer reacts to your decision to choose excessive partisanship over competence? Your attitude and response epitomizes what my father referred to as IMPUNITY PERSONIFIED. The President of the land has received several calls for his resignation and your boss, Ken Ofori Atta is still being asked to resign or be sacked. None of these have responded arrogantly like the way you have.
- Please Governor, printing money does not make you owner of human life and human rights and respectfully, sir, you portray a certain high level poverty, if all you have, is the money you have printed, which makes you arrogant in insulting tax payers who are unhappy with your abysmal performance. This isn’t how Governors G.K Agamah, K. Dufuor, P. Acquah, and N. Ishahakku handled the BoG. These chaps were simply sober and competent.
- Whether you resign or not, you would by all means, account one day, for your stewardship either in heaven or in hell or in prison or in your home. One thing is certain to me and must be clear in the minds of all, if we survive 2024, the conduct of governance, politics and the management of our economy wouldn’t be business as usual. Things would change to the glory of God, for the betterment of lives of Ghanaians, and to the shame of wicked and incompetent leadership.
Yaw Gyampo
A31, Prabiw
PAV Ansah Street
Saltpond & Suro Nipa House
Behind Old Post Office
Larteh-Akuapim
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