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| Dr. Ernest Addison, Governor of the Bank of Ghana (BoG) |
On Tuesday, October 3, the MPs of the National Democratic Congress organized a large demonstration in Accra, calling for the resignation of the central bank Governor and his deputies, accusing them of mismanaging the bank. Despite the demands of the minority caucus, the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has asserted that he will not resign from his position.
However, according to the international business website Central Banking, Dr. Addison has stated that he and his deputies will not step down. He reportedly deemed the demonstration as unnecessary, asserting that there are proper channels through which the minority in parliament can express their grievances.
The BoG Governor denied the claims made by the minority group that the central bank was printing money to fund the government's lifestyle. He clarified that the BoG provided monetary financing during 2020 and 2022 to address specific crises, which he asserted is legal under the central bank law.
Addressing the bank's losses recorded in 2021, Dr. Addison emphasized that the impairment of the central bank's debt holdings that caused the losses in 2022 was a requirement as per the International Monetary Fund (IMF) program. He clarified that the Bank of Ghana did not forgive any debts.
Regarding the choice of 2019 as the start date for the new headquarters, the BoG Governor explained that it was when the bank was profitable, allowing for the allocation of some of its profits towards the new headquarters. He emphasized that this decision was not made during a time of crisis.
Despite the minority NDC's vow to take action against the BoG Governor for allegedly disrespecting the protesters by not receiving their petition, Dr. Addison remains firm in his stance and commitment to his duties.
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