Ghana’s major opposition party, the National Democratic Congress (NDC), is mounting pressure on the Governor of the Bank of Ghana, Dr Ernest Addison to resign from post.
Speaking at a 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.
“We in the National Democratic Congress (NDC) saw the red flags and have consistently warned of the mismanagement of the financial sector by the Governor of the Central Bank and his team of incompetent deputies,” he said, adding that their caution was not headed to, leading to the current poor state of affairs at the Apex Bank.
The press conference follows the Annual Report and Financial Statement of the Bank of Ghana which was released last week.
The report revealed that the Bank of Ghana the Bank of Ghana (BoG) incurred a loss of GH¢60.8 billion from its audited financial statement for the 2022 fiscal year. This loss according to the BoG is largely due to the government’s debt restructuring activities.
Speaking on GBC’s Talking Point programme, the Finance Minister affirmed the claims made by the central bank.
“You can call it a sort of technical loss. It is not money that was given that will never be paid”, he said. “The issue of debt exchange in which certain interests were expected to be paid had been cut, resulting in those types of losses. Then you’ll have to impair the balance sheet because of expected revenue that was coming that will not come so that is what is happening”, he further explained.
However, the NDC asserts that the loss is unjustified.
“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.