Member of Parliament for the Ningo Prampram Constituency, Sam Nartey George, has accused the current governor of the Bank of Ghana, Ernest Addison of converting the Apex Bank into “a crime scene.”
His accusations follow what he terms as unlawful borrowing of money to the current administration by the Central Bank over the past few years.
The Bank of Ghana is now a crime scene. You have a governor, Ernest Addison, who knows that the Bank of Ghana Act as revised by Parliament, says that you cannot borrow more than 5% of the government’s previous year’s earnings to the government .
“And that the moment you hit the 5%, in borrowings to the government, you as Bank of Ghana governor must notify Parliament, then the Minister of Finance must also write to Parliament explaining and notifying Parliament that he has hit the 5% and anything beyond the 5% you must inform the government.
He cited for instance that in 2021, the Bank borrowed more to the government than it was supposed to contrary to the laws of the state.
“In 2021, how much did they [BoG] borrow from the government, 35 billion. In 2022 they borrowed 45 billion. Now, you ask yourself, if the law says 5% of the previous year, in 2020 how much was the government’s total earnings? It was 55 billion. So the 5% of the 55 billion would have been 2.8 billion. So your sealing as a Bank of Ghana Governor to borrow to the Bank of Ghana per the law is 2.8 billion. Yet you sit aloof and borrow them 35 billion instead of 2.8 and you don’t even notify Parliament,” the MP said in an interview on JoyNews on August 8, 2023.
After his remarks, the opposition National Democratic Congress (NDC) held a press conference to demand the dismissal of the Bank of Ghana Governor.
At the press brief conveyed in Accra on August 8, 2023, the party leveled a series of allegations against Mr Addison, including claims that his actions and inactions have amounted to substantial mismanagement within the Central Bank.
The NDC asserted that this has contributed to the institution’s financial distress, leading to its purported bankruptcy and potential insolvency.
Minority Leader and Member of Parliament for the Ajumako Enyan Esiam, Dr Cassiel Ato Forson, who addressed the press said: “The Bank of Ghana, which is our Central Bank and lender of last resort, has been dealt a catastrophic blow by the reckless, clueless and criminally-minded NPP mis-managers of our economy and this has necessitated an urgent call for action to Save Our Central Bank.”
Dr Ato Forson’s remark was in reaction to a recent report released by the Apex Bank. Portions of the report indicated that the Central Bank made a loss of over GHC60 billion. The Minority firmly stated that such a huge loss recorded cannot be countenanced, thus, their call for the BoG governor.
“GH¢60.8 billion, is equivalent to $6 billion. This is twice the amount we are to receive from our recent IMF bailout. This means the recklessness and mismanagement of the Governor of the Bank of Ghana has cost the nation twice what we are struggling and sacrificing to receive from the IMF amid major conditionalities,” he lamented.
He further noted that: “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.”
“We in the NDC will continue to explore ways of rescuing this country to prevent it from the doom that has befallen several West African countries. 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.
“Dr Ernest Addisson Must Go! There has to be an end to impunity and it is NOW!” Dr Forson noted.