The Governor of the Bank of Ghana, Dr. Johnson Asiama, has called on commercial banks to exercise caution in adjusting their lending rates in response to the recent hike in the policy rate.
He emphasized the importance of maintaining clear and open communication with customers during this process.
Dr. Asiama conveyed this message during a meeting with executives from various commercial banks following the Monetary Policy Committee’s session.
The meeting took place at the Bank Square, the central bank’s headquarters, marking the first engagement between the new management team of the Bank of Ghana and the commercial banks.
Led by Dr. Asiama, the event brought together chief executives and representatives of regulated banks in the country, alongside senior officials of the Bank of Ghana.
Among them was the 1st Deputy Governor, Dr. Zakari Mumuni. This inaugural gathering served as an opportunity for the central bank’s leadership to engage with key stakeholders in Ghana’s banking sector.
Background
The Bank of Ghana’s Monetary Policy Committee has decided to increase its policy rate, which is the key interest rate it uses to guide commercial banks on lending. The rate was raised by 1% (or 100 basis points), bringing it up to 28%.
This is the first time since September 2024 that the central bank has made any changes to this rate. The move is likely aimed at addressing current economic challenges in the country, such as inflation or currency pressures. It also means borrowing could become more expensive for businesses and individuals, as banks use this rate to set their own interest rates for loans.
Justification
The Governor noted that the decision was “aimed at reinforcing the disinflation process, which, while underway, remains too gradual to secure lasting stability.
“The decline in headline inflation from 23.8% in December to 22.4% in March confirms that recent policy actions are having the intended effect,” the Bank of Ghana Governor observed
Dr. Asiama however noted that “ inflation expectations remain elevated, and core inflation is still above the medium-term target”.
“The Committee therefore adopted a proactive stance—guided by recent experience that delayed tightening can result in more persistent inflation and costlier adjustments” he added.
Post Policy Rate Hike and Concerns
Speaking at the meeting with heads of the various commercial banks, the Governor noted that the Bank of Ghana recognised the effect of the policy rate hike on borrowing costs of businesses and households.”
But was quick to add that “Viable businesses should continue to receive support, and tailored solutions to mitigate the impact on the most vulnerable sectors”.
Outlook and Concerns
The Bank of Ghana Governor noted that despite recent challenges the banking sector, even without reliefs “ showed sustained improvement on the back of improving solvency and asset quality measures amid strong liquidity and profitability”.
Dr. Asiama was quick to add that despite these solid developments, solvency concerns persist, “especially few domestically controlled and state-owed banks, whiles capitalization efforts remain unclear”.
The Governor was of the view that addressing these capital shortfalls in these banks remains a priority.
“We are working closely with the affected institutions to achieve sustainable capital levels, restore depositor confidence and ensure compliance with regulatory requirements” the Governor disclosed
The Governor also advised the commercial banks to be guided by the past banking resolutions, especially shaping their crises preparedness.
Attorney General Dr Dominic Ayine has firmly defended the search of former Bank of Ghana (BoG) Governor Dr. Ernest Addison’s residence, dismissing claims that it was unlawful.
Speaking to the media on Monday, March 24, Dr. Ayine clarified that the operation was carried out with a valid High Court warrant. He explained that the search aimed to locate and secure items suspected to be linked to criminal activities.
He also responded to criticism from Minority Leader Alexander Afenyo-Markin, who had condemned the government’s actions. Dr Ayine cautioned the MP against undermining law enforcement and stated that he is willing to release a recording of Addison’s comments on the operation if necessary.
Defending the legality of the search, the Attorney General questioned why some individuals believed they should be exempt from legal investigations.
“How come a search of the governor’s house, based on credible intelligence, is now being labeled as a raid? I was the one who applied for the warrant, and it was issued by the High Court. Why is that now a problem? Are some people above the law? No one is above the law in this country,” he stated.
Dr. Ayine further explained that the operation was not a “raid” but a lawful search conducted under the Constitution. He emphasized that Article 18 permits such actions as long as they follow legal procedures.
He also accused Afenyo-Markin of trying to damage the reputation of law enforcement agencies. Addressing allegations that officials took GHS 10,000 during the search, Dr. Ayine dismissed the claim as baseless and offensive. He also warned against using parliamentary immunity to spread false accusations against public officials.
“The constitutional immunity granted to MPs does not mean they should abuse that privilege to defame law enforcement officers conducting lawful investigations,” he said. In a direct challenge to Afenyo-Markin, Dr. Ayine revealed that his office has an audio recording of Dr. Addison discussing the search.
“We have a recording of Addison and what he said about the raid. If the Minority Leader, Afenyo-Markin, is daring me, I’ll make that public. He should desist from maligning law enforcement officers and myself,” he warned.
Dr. Ayine further asserted his authority as the leader of the legal profession, vowing to act within ethical and legal boundaries while ensuring justice is served.
Dr. Johnson Asiama, Governor of the Bank of Ghana, has emphasized that the 2025 budget will introduce measures to curb food inflation, which remains a key driver of overall inflation.
Rising food prices continue to increase household expenses and business costs, making it imperative for the central bank to support targeted fiscal policies that stabilize prices and promote macroeconomic stability.
In an interview with Bloomberg, Dr. Asiama acknowledged that the latest inflation data exceeded expectations, attributing the surge primarily to food price pressures. He stressed that these pressures are structural and require policy intervention.
“Last reading came in a little higher but we think that going forward if you look at the causes of the inflationary pressures, it was mainly from food inflation. It was mainly structural in nature and so therefore the coming budget statement which is about to be presented should be presenting a number of measures that can contain food inflation. If that is done, I am sure we will see a return to the disinflation path,” he stated.
Furthermore, he disclosed that the Bank of Ghana’s Monetary Policy Committee (MPC) will convene next month to evaluate economic conditions and adjust policy measures as needed.
“We plan to hold the next monetary policy meeting next month where we will reassess the conditions and take an appropriate decision. Therefore once we have an appropriate monetary policy stance in place and then also food price inflation is well controlled, we will begin to see inflation trending back to its target path,” he added.
President John Mahama has urged the newly appointed Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, to prioritize fiscal discipline and responsible economic management to prevent inflation and income erosion.
Speaking during the swearing-in ceremony at the Jubilee House, where Dr. Asiama and his First Deputy, Dr. Zakari Mumuni, officially assumed their roles, Mahama underscored the importance of prudent financial governance in safeguarding the country’s economic stability.
“The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy,” Mahama stated. “When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiralling inflation, erosion of incomes, to driving millions into poverty.”
The President emphasized the need for strict adherence to legal and regulatory frameworks while reinforcing the central bank’s independence. “To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana,” he said.
Mahama pledged his commitment to ensuring that the BoG would function without political interference, adding that decisions should be driven by sound economic judgment and not political convenience.
“As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate. This is the path to building a resilient economy, one where policies are driven by discipline, foresight, and the best interest of the Ghanaian people,” he assured.
In a pointed remark that appeared to reference past controversies, Mahama stated, “One thing for sure… I am not going to ask you to print more money.”
His comment follows previous concerns over the Bank’s financing of government expenditure during the Akufo-Addo administration. The BoG’s 2022 annual report revealed that GH¢35 billion was printed in 2021 and GH¢42 billion in 2022 to support government spending, a move criticized by the then-Minority Caucus in Parliament as a violation of Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).
Newly sworn-in BoG Governor Dr. Johnson Asiama pledged to restore confidence in Ghana’s financial system through stability, transparency, and innovation.
“We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity,” Dr. Asiama said.
He stressed that the Bank’s new direction was more than just a promise—it was a commitment to concrete action aimed at strengthening public trust. “This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust,” he noted.
Dr. Asiama also assured Ghanaians of his commitment to fairness and integrity in fulfilling his mandate. “As I take this oath of office, I do so with a solemn promise to the people of Ghana—to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana,” he affirmed.
His appointment follows the decision by outgoing Governor Dr. Ernest Addison to proceed on leave ahead of his retirement, scheduled for March 31, 2025.
Dr. Asiama brings a wealth of experience to the position, having previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017.
President John Mahama is swearing-in the Governor of the Bank of Governor, Dr Johnson Asiamah, and his First Deputy Dr. Zakari Mumuni.
The event is taking place at the Jubilee House.
Dr Johnson Asiamah’s nomination followed the acceptance of a formal request by the current Governor, Dr Ernest Addison, to proceed on leave ahead of his retirement on 31st March 2025.
Dr Asiamah brings a wealth of experience to the role, having previously served as the Second Deputy Governor of the Bank of Ghana between 2016 and 2017.
Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has defended his stance on the continuation of the ‘Gold for Oil initiative’, citing the volatile nature of market sentiments as a key factor necessitating its persistence.
During his appearance at the Public Accounts Committee of Parliament on Monday, April 8, responding to queries from Buem Member of Parliament, Mr. Kofi Adams, Dr. Addison emphasized the importance of maintaining the program to avoid being caught off guard by unforeseen market fluctuations.
Dr Addison said “It is a programme that we recommend to continue because it helped us in the period of crisis.
“We only want to make sure that this is done by a commercial bank so that we can have time to focus on our operations as a central bank.
“So this is the discussion that we are holding going forward but the ability to be able to exchange our natural resource directly for oil when oil prices get out of hand, we think that it is a very innovative porgramme.
“So it is really about the central bank spreading itself too thin by trying to add gold for oil also into our business but we are fully focused on buying gold to build our reserves.”
Mr Adams asked again: “Do you think there is any commercial bank capacitated enough to do this if you are to shift?”
Dr Addison replied to him “I said this is an intervention that is very critical in the heat of the crisis. Yes the foreign exchange market is functioning better than in 2022. Oil prices have come down much better than they were in 2022 so the situation is much better now than it was in 2022 when the Gold for Oil was indicated.
“However, we think it is still an important programme for the government to have that option and to be able to empower a commercial bank to undertake the activity.
“Market sentiments change every day, we don’t know what will happen tomorrow, we will wake up, and then if we find ourselves in a situation where prices driving the pump prices where they were again, the government has the option to follow so it is a very important innovative instrument.”
In October 2023, banks wrote off ¢3.19 billion as bad debt, marking a 9.5% year-on-year increase, as per the Bank of Ghana’s Domestic Banks Income Statement.
This amount exceeded the ¢2.92 billion recorded in the same period in 2022, with provisions taking various forms, including loan losses and depreciation.
The Bank of Ghana reported that asset quality risks rose in October 2023, evident in the increased Non-Performing Loans (NPL) stock and NPL ratio during the period.
The industry’s NPL ratio surged to 18.3% in October 2023 from 14.0% in October 2022, driven by higher growth in the NPL stock and a contraction in gross loans during the review period.
Similarly, the NPL ratio adjusted for the fully provisioned loan loss category increased from 3.9% to 6.4% during the same comparative period.
The NPL stock saw an 18.8% increase to ¢13.5 billion in October 2023 from ¢11.3 billion in October 2022, reflecting a deterioration in domestic currency loans.
In October 2023, the private sector accounted for the largest share of nonperforming loans, constituting 93.8% of the total.
The industry’s NPL ratio reflected a deterioration in NPL ratios for five economic sectors, while three reported improvements during the review period.
Among economic sectors, the agriculture, forestry, and fishing sector recorded the highest NPL ratio of 37.4%, marking a sharp increase from 22.4% a year ago. The construction sector followed with an NPL ratio of 36.9%, up from 31.7% a year earlier.
The transportation, storage, and communication sector recorded the highest year-on-year increase in NPL ratio, rising to 27.3% from 11.2%, while the commerce and finance sector’s NPL ratio increased to 19.6% from 15.9% over the same comparative period.
However, the NPL ratios of the electricity, water and gas, manufacturing, and mining and quarrying sectors declined to 8.3%, 13.8%, and 4.1% in October 2023 from their respective positions of 11.1%, 14.6%, and 4.6% in October 2022.
Bank of Ghana Governor, Dr. Ernest Addison, remarked that the policy mix under Ghana’s IMF-supported PC-PEG program is showing positive outcomes.
He highlighted that headline inflation, which peaked at 54.1 percent in December 2022, has decreased to 35.2 percent in October 2023 and further dropped to 26.4 percent in November 2023.
Dr. Addison made these observations while delivering remarks at the end-of-year cocktail event held by the Bank of Ghana in Accra on December 14, 2023.
“I kept on reminding people that inflation was at 12.7% in December 2021 and what we saw in 2022 should not be used to judge us.”
“As you are aware there has been considerable noise from our detractors who have celebrated the high inflation recorded in 2022. Today we are vindicated that inflation in 2022 was just a blip and we are quickly returning to where we were before the crisis,” he added.
Newly released data from the Bank of Ghana reveals a substantial contraction in private sector credit, hitting its lowest point in more than four years.
As of October 2023, private sector credit experienced a nominal contraction of 7.5 percent, marking a stark reversal from the 57.3 percent growth observed in October 2022.
In real terms, the contraction is even more pronounced, with private sector credit plummeting to negative territories at 31.6 percent, compared to the positive growth of 12 percent in the previous year.
This downward trend underscores the persistent risk aversion stance among banks, resulting in a significant reduction in lending for both businesses and individuals.
“Banks continue deploying their resources toward short-term investments as opposed to extending credit, in response to the increased risks associated with lending following the deteriorating macroeconomic conditions and impact of the Domestic Debt Exchange Programme,” said Dr. Ernest Addison, Bank of Ghana Governor, at a recent press briefing in Accra.
While the banking sector maintains its stability, soundness, liquidity, and profitability, the non-performing loan (NPL) ratio in the industry rose to 18.3 percent in October 2023, reflecting increased credit risk associated with the economic crisis of the previous year. Despite this, the Governor highlighted that profitability continues to rise, with banks investing in high-yield Bank of Ghana and government debt instruments.
Despite signs of economic recovery in 2023, with growth averaging 3.2 percent in the first half, the private sector credit contraction is a concern. High-frequency indicators suggest ongoing momentum, albeit at a more moderate pace in the third quarter.
The significant decline in lending to businesses and households raises concerns about future growth prospects. The risk of this trend worsening is imminent, especially as government borrowing in 2024 may crowd out private sector investment crucial for growth.
To address excess structural liquidity conditions in the market and support the disinflation process, the Monetary Policy Committee (MPC) introduced an additional measure to unify the currency holding for the Cash Reserve Ratio requirement on foreign currency denominated deposits and domestic currency deposits for banks, resetting the CRR to 15 percent from November 30, 2023.
The government’s proposed 2024 budget aims to raise GH¢61.4 billion, primarily from domestic markets, posing a risk of soaking up available credit needed for private sector investment. As of November 20, 2023, Ghana’s Treasury had already issued GH¢128.93 billion on the money market, surpassing its GH¢119.77 billion target, with a substantial portion representing new debt for 2023 expenditures.
Government reliance on domestic markets, due to challenges in tapping international capital, reduces financing available for the private sector. The sharp contraction in credit access could negatively impact Ghana’s growth trajectory if it persists in the medium- to long-term.
Governor of the Bank of Ghana, Dr. Ernest Addison, has highlighted the need for a strong Global Sovereign Debt Roundtable (GSDR) to enhance multilateral coordination and regulatory efficiency for sovereign debt resolution in low-income countries (LICs).
He emphasized this during the IMF-African Caucus Meeting at the World Bank/IMF Meetings in Marrakech, Morocco.
“We call for a carefully designed debt resolution mechanism, especially for vulnerable members with large domestic creditors – such as Ghana, to help avert domestic financial market instability,” Dr. Addison stated in his address to attendees at the conference.
He also emphasized the necessity of overhauling the G20 Common Framework (CF) to guarantee a debt restructuring process that is more timely, orderly, equitable, inclusive, and transparent for distressed member nations in the region. These countries include Ghana, Ethiopia, and Malawi.
Dr. Addison underscored the significance of these reforms as African economies confront acute debt challenges, aggravated by various factors such as the COVID-19 pandemic, the Ukraine conflict, tightening global financing conditions, and climate-related disasters. Public debt levels in sub-Saharan Africa (SSA) have now surged to levels not witnessed since the early 2000s, imposing a substantial burden on member countries.
In this challenging environment, Dr. Addison urged the IMF to play a crucial role in providing support to vulnerable African economies. “A much stronger IMF support would be crucial amid the current challenging global environment,” he emphasised.
Dr. Addison offered numerous suggestions for consideration to address these urgent problems, such as the IMF modifying its lending toolkits to shifting global conditions and aligning PRGT access standards with those of the GRA to ensure consistency of treatment. This action would make it simpler for vulnerable members who are experiencing severe debt problems to get the support they need from the Fund.
The Governor requested that the Fund modify the requirements for PRGT eligibility to make it simpler for vulnerable PRGT-eligible members to get assistance. Additionally, he advocated for lowering, suspending, or completely getting rid of surcharges for these members.
I appreciate the opportunity today to speak on behalf of my fellow Governors about making public debt useful for sustainable growth in Africa. But let me first express my deepest commiserations to the authorities and the peoples of Morocco and Libya for the recent devastating tragedies that have claimed many lives, displaced many people, and destroyed properties, while appealing for urgent support from the international community.
Madam Managing Director, African economies are faced with acute debt challenges underscored by rising social and infrastructural needs, amid spillovers from the Covid-19 pandemic, the war in Ukraine, tightening of global financing conditions, and climate-related disasters. Public debt in sub-Saharan Africa (SSA) has now reached levels last seen in the early 2000s.
The resultant increased debt service burden, together with complex creditor composition, has heightened risks to debt sustainability, to the extent that more than half of the SSA members are now in or at high risk of debt distress. Simultaneously, protracted high inflation has constricted the policy space, posing difficult policy trade-offs for many members in the region.
This challenging environment has led to another year of moderated pace of economic recovery, as SSA growth is projected to further decelerate in 2023. While members remain committed to implementing relevant policies and reforms towards enhancing fiscal discipline with the aim of restoring debt sustainability and fostering inclusive and sustainable growth in the continent, a much stronger IMF support would be crucial, amid the current challenging global environment.
Against this backdrop, I would suggest the following for consideration, Madam Managing Director:
▪ Given the fragmented global financial architecture, we urge the IMF to remain steadfast and adapt its lending toolkits to changing global conditions to serve its vulnerable membership better. In this context, we restate our earlier request for increased concessional financing by aligning PRGT access thresholds with those of the GRA to ensure uniformity of treatment.
In addition, we call on the Fund to relax the PRGT eligibility criteria to foster access to adequate Fund support while reducing, suspending, or eliminating entirely surcharges for most vulnerable PRGT-eligible members facing acute debt challenges. We also reiterate our call for additional pledges from willing donors to close the gaps in PRGT resources. We further stress the criticality of a successful completion of the ongoing 16th GRQ to reinforce IMF finances while protecting the quota share of the vulnerable members.
▪ Strengthening multilateral coordination and efficiency of regulatory framework for debt resolution in LICs, through a formidable Global Sovereign Debt Roundtable (GSDR), is paramount. While welcoming the latest developments on Zambia and Chad, we underscore the need to revamp the G20 Common Framework (CF) to ensure timely, orderly, equitable, inclusive, and transparent debt restructuring for distressed members in the region (including, Ghana, Ethiopia, and Malawi). In this regard, we call for a carefully designed debt resolution mechanism, especially, for vulnerable members with large-domestic creditors (as in the case of Ghana) to help avert domestic financial market instability.
In addition, improving debtor-creditor engagements through an enhanced GSDR while strengthening technical support to foster common understanding of all debt issues is macro-critical to bolster a swifter, proactive and systematic restructuring. We also reaffirm the request for debt standstill during times of negotiations to offer immediate relief to debtors and restate our request for multilateral debt cancellation for the most vulnerable members facing acute debt challenges.
• Furthermore, an enhanced IMF’s cooperation with MDBs/RDBs is necessary to facilitate timely provision of MDBs/RDBs’ financial assistance for members facing significant debt and growth challenges. In this context, we restate the call for new SDR allocation through the MDBs/RDBs’ (including AfDB), given their multiplier effects in achieving climate and development goals. We also request that the Fund leverages its close engagements with G20 members to advocate for better lending terms from the ongoing design and implementation of the G20 Capital Adequacy Framework (for MDBs) to avert inadvertent financing ramifications on vulnerable members in Africa.
▪ Finally, deepening the Fund’s tailored capacity development and surveillance support, in collaboration with other international partners, is crucial to addressing member-specific bottlenecks for restoring public debt sustainability, and bolstering inclusive and sustainable economic growth and development in the region.
The Minister of Finance, Ken Ofori-Atta, has announced that both he and Dr. Ernest Addison, the Governor of the Bank of Ghana, will assume positions on the board of the Ghana Cocoa Board.
Furthermore, he noted that a dedicated desk will be established to oversee the board’s ongoing activities.
This statement was made in response to inquiries about the future of COCOBOD amid concerns about high levels of debt.
“Both the Governor and I will now be on the board and the Ministry will set up a desk that will work with the Finance division at COCOBOD so that we manage the future in a much stronger way,” he said while addressing the press on October 6, 2023.
During the press briefing, Dr. Ernest Addison, the Governor of the Bank of Ghana, indicated that this year’s Cocoa Syndicated Loan will be reduced in size to approximately $800 million, a decrease from the initial amount of $1.2 billion.
He clarified that this reduction is in line with debt sustainability measures outlined in the IMF program aimed at restoring stability in the macroeconomic conditions within the cocoa value chain.
Dr. Addison confirmed that COCOBOD, the cocoa regulator, will still be granted the syndicated loan facility for the current year.
“I think that they’re still getting the syndicated loan this year but its just that the size of the syndication is gone from I think $1.2 billion to $800 million,” he noted.
However, the change is projected to have an influence on Ghana’s cocoa output for the 2023/2024 harvest season.
The Minority Members in Parliament will henceforth treat the Governor of the Bank of Ghana (BoG), Dr Ernest Addsion as a person of no influence.
Minority Chief Whip, Governs Kwame Agbodza, says this decision is in response to Dr Addison’s “hooligans” term against #OccupyBoG protestors demanding his removal from office.
“He described us as hooligans, so we shall show him who hooligans are. Any business concerning the Bank of Ghana will be treated differently. We will prove to him that what we did in terms of the peaceful demonstration is in line with our democratic dispensation,” he said.
“As for us in parliament, we take note of what he is saying…Parliament will resume shortly and we have a few ideas as to how we are going to deal with the Governor. But as far as we are concerned, he is a persona non-grata and we shall treat him like that,” he added.
Dr. Addison has been cited in an interview with centralbanking.com, where he reportedly asserted that he had no intentions of resigning despite the Minority’s call for his resignation.
Dr. Ernest Addison, the Governor of the Bank of Ghana, was conspicuously absent when a delegation from the #OccupyBoG protest arrived at the institution’s premises to deliver a petition.
On October 3, 2023, a substantial group of Ghanaians, led by the Minority in Parliament, took to the streets to demand the removal of Dr. Ernest Addison, who stands accused of mismanaging the Central Bank.
The demonstrators initiated their march from Obra Spot at Kwame Nkrumah Circle, concluding at Independence Square.
Subsequently, a delegation composed of prominent NDC MPs, including Minority Leader Dr. Cassiel Ato Forson, and notable NDC figures such as National Chairman Asiedu Nketiah, proceeded to the Central Bank’s premises to submit their petition.
However, upon arrival, they were met by Wing Commander Kwame Asare Boateng (retired), the Head of Security at the Central Bank, who relayed the information that Dr. Addison was engaged with a team from the International Monetary Fund (IMF) and could not be present.
Dr. Ato Forson, the Minority Leader, expressed his dissatisfaction, deeming it a blatant disregard by the BoG Governor towards Parliament and the people of Ghana. In response, he declined to present the petition to Wing Commander Kwame Asare Boateng (retired) and declared that another protest would be organized in the days to come.
In reaction to this development, Dr. Addison asserted that “The Minority in parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans.”
The Minority Chief Whip says his side will adopt a stern stance toward the Governor whose remarks he deemed “unfortunate” and “loose.”
According to him, he is not to be blamed since he is under protection from his accomplices in government.
He added that “he [Dr Addison] should know that even under the best protection under the current government, a day will come that he will face proper justice of the people of this country.
“So he can be laughing at us [Minority] today, but I don’t want anybody to be discouraged. The use of peaceful protest must still be part of our political journey so that we don’t take up alternative routes that may jeopardise our democracy.”
General Manager of CitiFM, Bernard Avle, has expressed his disappointment in the Bank of Ghana (BoG) Governor, Dr Ernest Addison over his recent comment in reaction to the #OccupyBoG protest that took place on Tuesday, October 3, under the leadership of the Minority in Parliament.
On October 3, 2023, a substantial group of Ghanaians, led by the Minority in Parliament, took to the streets to demand the removal of Dr. Ernest Addison, who stands accused of mismanaging the Central Bank.
The demonstrators initiated their march from Obra Spot at Kwame Nkrumah Circle, concluding at Independence Square.
Subsequently, a delegation composed of prominent NDC MPs, including Minority Leader Dr. Cassiel Ato Forson, and notable NDC figures such as National Chairman Asiedu Nketiah, proceeded to the Central Bank’s premises to submit their petition.
However, upon arrival, they were met by Wing Commander Kwame Asare Boateng (retired), the Head of Security at the Central Bank, who relayed the information that Dr. Addison was engaged with a team from the International Monetary Fund (IMF) and could not be present.
Dr. Ato Forson, the Minority Leader, expressed his dissatisfaction, deeming it a blatant disregard by the BoG Governor towards Parliament and the people of Ghana. In response, he declined to present the petition to Wing Commander Kwame Asare Boateng (retired) and declared that another protest would be organized in the days to come.
About 24 hours after the protest, Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, expressed his utmost disgust over the recent #OccupyBoG protest led by the Minority in Parliament to demand his resignation from office for alleged mismanagement.
In an interview with the international business website Central Banking, Dr. Addison asserted that he has no intentions of stepping down and characterized the protest as entirely unwarranted, noting that other measures could have been deployed for grievances to be put across.
“The Minority in parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans,” Addison added in reference to the #OccupyBoGProtest.
His comment does not sit well with many Ghanaians, including Bernard Avle and Citi FM multimedia journalist, Godfred Akoto, but most particularly, the New Democratic Congress MPs.
On Citi FM’s Newspaper review on October 5, the two journalists noted that Dr Addison’s comment was unfortunate as the protestors did not engage in any unlawful actions.
They were not throwing stones, it was a legitimate means of announcing their displeasure.”
For Godfred, his first reaction was “like most people. I was like, no, misquoted. Most people I know said the Bank of Ghana Governor, this quote cannot be attributed to him in 2023 where he is labeling Members of Parliament as hooligans. Where he is undermining the power of protest and demonstration to make a political point.”
“It is his right to say he will not resign. That much is undoubted. But what you cannot do is to say the rest of the things that he said,” he said.
According to him, “I am expecting that he comes to apologize. He should not get to the point where people perceive him as being a bit arrogant because that is what he sounded like.”
Both Bernard and Godfred believe the constitutional power given the Bank of Ghana may have prompted such comments from Dr Addison.
“He sounded to me a bit like somebody who does not understand democracy and governance. If you know your job and how you have your job, the responsibility that comes with it, the state structure.
“The fact that there isn’t too much of a state check on him perhaps has him thinking that he is some God in some corner.”
He, however, added “The constitutional make-up gives him his power but it doesn’t insulate you from society. A society, as you are a part of is allowed to protest.”
The Minority Caucus in Parliament has threatened to live up to the “hooligan” label provided by the Bank of Ghana Governor, Dr Ernest Addison.
During an appearance on the Citi Breakfast Show on Thursday, October 5, Mahama Ayariga, the Member of Parliament for Bawku Central,accused the Bank of Ghana Governor of displaying arrogance and disrespect towards both the Minority and the leadership of the NDC.
“He says we are hooligans, so we will show him what hooligans do. I, Mahama Ayariga, I am saying that he will see what hooligans do, I don’t know what my colleagues [Minority MPs] will think but when we meet we will discuss and let you know. But I’m sure that having called us hooligans, he will get a response of hooligans,” he said.
Also, Political science lecturer at the University of Ghana, Professor Ransford Gyampo, has expressed disapproval of what he deems as the “arrogant” demeanor and response exhibited by Dr. Ernest Addison.
Professor Gyampo questioned the authority of the BoG Governor, whom he says has “a very infinitesimal understanding of the system of government we have decided to operate.”
“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?” he quizzed.
Political science lecturer at the University of Ghana, Professor Ransford Gyampo, has expressed disapproval of what he deems as the “arrogant” demeanor and response exhibited by Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), in response to the demonstrators affiliated with the OccupyBoG movement.
This comes in the wake of Dr. Addison’s rejection of the demands made by the opposition National Democratic Congress (NDC) and the Minority Caucus in Parliament, urging him to resign from his position.
In an interview with the international business website Central Banking, he firmly stated his refusal to step down, characterizing the NDC’s protest as entirely unwarranted.
“The Minority in parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans,” Dr. Addison added in reference to the #OccupyBoGProtest.
In reaction, Professor Gyampo, questioned the authority of the BoG Governor, whom he says has “a very infinitesimal understanding of the system of government we have decided to operate.”
“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?” he quizzed.
In his open letter to Dr Ernest Addison, Prof Gyampo entreated the Governor to review his conduct as his actions has had adverse effect on the country’s economy.
He noted that the Governor spent about GH¢137 million on vehicle maintenance; collapsed over 400 banks and micro-finance companies; printed over GH¢700 trillion within 2 years; and depleted our foreign reserves.
“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 taxpayers 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,” he added.
The Minority Leader in Parliament, Cassiel Ato Forson, has made it clear that their petition will exclusively be presented to the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison.
Ato Forson emphasized that the group is fully prepared to stay at the Central Bank’s premises for an extended duration if Dr. Addison does not personally come forward to receive the petition.
Ato Forson made this statement on Tuesday, October 3, as the minority in parliament and some Ghanaians protested to remove the Govenor of Bank of Ghana, Dr Addison from post.
But when a delegation comprising some prominent NDC MPs and party leaders such as Asiedu Nketiah, Sammy Gyamfi, Samuel Okudzeto Ablakwa, arrived at the Central Bank premises to present their petition, they were sadly informed of Dr Addison’s absence.
Wing Commander Kwame Asare Boateng (rtd), Director of Security, who arrived to meet the protestors, informed the delegation that Dr Addison is engaging the International Monetary Fund (IMF).
His remarks were met with disapproval by the Minority Leader, who questioned whether the IMF held greater significance than the well-being of the Ghanaian populace and the role of the Parliament.
Expressing his displeasure, Ato Forson said “The crowd you’ve seen is just the beginning. We will come back again. He should better come in here. If he thinks that IMF is more important than the Parliament of Ghana. If he thinks that the IMF is more important than the people of Ghana, he is here, because of the people of Ghana and not IMF. So let him deal with IMF but we will come after him. We will come after him. Until we see him, we are not stopping. This is just the beginning.
The National Democratic Congress (NDC) has agreed to compromise on the police-proposed routes for its Occupy Bank of Ghana (BoG) protest on Tuesday, October 3, 2023. This decision is aimed at advancing their demand for the resignation of the BoG Governor and his two deputies.
Sammy Gyamfi, the National Communications Officer of the NDC, acknowledged the police’s initial stance on the routes as “unreasonable.” However, the NDC has chosen to compromise in the interest of maintaining public order and safety.
The protest, organized by the Minority Caucus in Parliament and various pressure groups, opposes the continued tenure of the BoG Governor, Dr. Ernest Addison, and his two deputies. The demonstrators are calling for the resignation of the Central Bank’s leadership due to the GH¢60 billion loss recorded by the bank in the 2022 fiscal year and the controversial new head office project.
Assistant Commissioner of Police (ACP) Grace Ansah-Akrofi, the Director of Public Affairs of the Ghana Police Service (GPS), informed the press in Accra that the protesters would gather at the Obra Spot at Kwame Nkrumah Circle. From there, they would proceed through Adabraka, Ridge Roundabout, National Theatre Traffic Light, High Court Complex Traffic Light, Attah Mills Highway, make a U-turn at the National Lottery Authority, and conclude their march at Independence Square.
But Mr Gyamfi on Eyewitness News said “They [police] have been very unreasonable on the routes but in the interest of public order and public safety and because we want to embark on this peaceful demonstration to press home our demands, we had compromises which we have agreed to. So on Tuesday, the demonstration is coming on.”
In the interim, the GPS has also assured that it is adequately prepared and has enough contingents to deploy for the #OccupyBoGProtest.
ACP Ansah-Akrofi said the police have prepared and trained adequately for the protest.
“We have an adequate number of police officers for tomorrow’s demonstration and I will want to urge every member of the public that wants to come for the protest to show up tomorrow because we have enough men to provide security throughout the length of the demonstration, and we will be there throughout.”
In response to a recent article by finance minister Ken Ofori-Atta appealing for the Bank of Ghana (BoG) governor to be supported rather than condemned, minority leader Cassiel Ato Forson fired back.
Ato Forson queries whether Ernest Addison’s conduct in relation to breaking BoG legislation assisted the government in throwing the nation into an economic catastrophe.
“Should the people of Ghana support a central bank governor who has aided the government to destroy their livelihoods?” his post on Twitter dated September 17 read in part.
It continued: “I plan to deliver a strong response to the Finance Minister’s article on Monday morning!”
The central bank has faced severe criticism, particularly from opposition figures who have called for the resignation of the governor and his two deputies following the significant losses reported in the 2022 annual report of the Bank of Ghana.
The Minority in Parliament, along with various advocacy groups, have organized a protest campaign called #OccupyBoG to emphasize their demand.
Amidst these financial setbacks, concerns have also arisen regarding the ongoing construction of a new headquarters for the bank, which is alleged to be costing taxpayers US$250 million. This has added to the mounting pressure on the bank.
In response to these challenges, Ofori-Atta recently authored an article in defense of the bank, addressing all the allegations. One of the noteworthy quotes from the article pertains to the construction of the new head office building.
“With respect to the BoG’s new headquarters, the evidence is clear that the decision to build had already been made long before those ‘losses’ occurred,” Ofori-Atta stated.
The problems with the construction of a new head office have been described by Ernest Addison, Governor of the Bank of Ghana.
According to him, the contract’s current value is $121,078,517.94 after going through several steps of examination and submission of the contract’s specifics.
He stated at a news conference on August 21, 2023, that the project’s first cost was estimated to be $100 million in 2020.
He said: “The PPA by a letter dated 29th January 2020 conveyed the Board’s approval to the Bank of Ghana. This approval to use the shortlisted contractors for the Restricted Tender also revised downward the estimated cost of the project from USD100,857,942.48 to USD81,882,640.00 without any justification.”
The Governor also mentioned that following the reception of tender evaluations, the Entity Tender Committee (ETC) of the Bank convened on August 6, 2020. During this meeting, they carefully considered the recommendations put forth by the Tender Evaluation Panel and subsequently sanctioned the contract for the project to Messrs. Goldkey Properties Limited. This contract, valued at $121,078,517.94, was awarded as it represented the lowest evaluated bid cost, adhering to the Turnkey (Design and Build) contract framework.
In addition, the ETC instructed that concurrent approval be sought from the Central Tender Review Committee (CTRC) within the Ministry of Finance.
Governor Addison pointed out that in response to the Bank’s communication dated August 31, 2020, the PPA (Presidential Procurement Authority) reviewed the originally approved estimated amount from USD 81,882,640.00 to USD 121,078,517.94.
“The CTRC on 4th September 2020 granted concurrent approval to the Bank to engage the recommended Tenderer, Messrs. Goldkey Properties Limited at a contract price of USD121,078,517.94 under Turnkey (Design and Build) contract arrangements, which was the least evaluated bid,” he said.
Dormaahene who doubles as a High Court judge Osagyefo Oseadeeyo Agyemang Badu II, has voiced his concerns over the Bank of Ghana’s (BoG) new head office project, estimated to cost $250 million. The Dormaahene criticized the timing and expenditure of such a significant sum on constructing an office complex.
Expressing his displeasure in a news report by Accra-based TV3, he questioned the rationale behind the BoG using approximately one-twelfth of the $12 billion International Monetary Fund (IMF) bailout that Ghana is currently accessing to fund an office building. He expressed confusion over the unilateral decision by the Bank of Ghana to undertake such a project, and whether it stemmed from their autonomy as a financial institution.
He further called on President Nana Addo Dankwa Akufo-Addo to intervene and engage with the Bank of Ghana to reconsider its plans. The Dormaahene emphasized that he expected a productive outcome from the discussions, as he believed that the bank’s autonomy did not make it entirely independent from oversight.
The cost of the new office facility, as estimated by the Parliamentary Minority, has sparked significant public debate. The Bank of Ghana, in response to the concerns raised by the minority, stated that the new office complex was deemed necessary primarily for security reasons, especially in the event of an earthquake. They highlighted the potential vulnerability of the current location.
The Dormaahene’s intervention adds to the ongoing discourse surrounding the project, with various stakeholders voicing their opinions on the cost, necessity, and appropriateness of the proposed new head office for the central bank.
Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, has brought to light documents suggesting that the original cost of the Bank of Ghana’s new offices was slightly over US$81 million. However, he contends that the current estimated cost of the project could surpass the US$250 million figure stated by the Parliamentary Minority. In a publication dated August 17, 2023, Ablakwa revealed several key points. He highlighted that the procurement procedures for the office construction commenced in 2020, contrary to the prevailing belief that they were initiated during the previous government’s tenure.
Ablakwa’s publication comprises 26 revelations, addressing concerns spanning corporate governance matters from the project’s inception, issues related to the tendering and procurement processes, the selection of companies contracted for the project, and other matters of public interest.
The new office complex, projected to cost approximately US$250 million as indicated by the Parliamentary Minority, has triggered extensive public reactions. The Bank of Ghana responded to these concerns, emphasizing that the new complex’s construction primarily aims to enhance security and mitigate risks associated with the current location, particularly in the event of an earthquake.
This situation has intensified pressure on the leadership of the Bank of Ghana under Ernest Addison. The Parliamentary Minority has demanded the resignation of Addison and his two deputies, citing significant financial losses reported in the 2022 annual report released a few weeks prior. The Minority has additionally issued a warning that they will stage a protest at the bank’s premises if the governor does not step down within 21 days from the date of their demand.
Read Ablakwa’s post below:
Unraveling the Bankrupt BoG Head Office Mystery— From an initial US$81.8million, suddenly escalating to US$121million & currently threatening to exceed US$250million
I have depressingly followed the national debate on what many outraged Ghanaians have described as the extravagant and wasteful US$250million new Bank of Ghana Corporate Head Office.
It is obvious from the Bank of Ghana’s feeble and anaemic defence that they have opted not to be transparent, candid and accountable to the good people of Ghana.
A shocking and embarrassing interview of Mr. Charles Elias Reindorf, Director of Finance at the Central Bank where he abruptly ended an interview following a harmless question on the cost of the project has since gone viral.
Instructively, the Bank of Ghana in all its public engagements has refused to disclose the current cost of the project, the procurement method, when the project was awarded and the scheduled completion date.
Some NPP propagandists including Mr. Richard Ahiagbah opportunistically jumped into the fray claiming that the project started under the NDC when Hon. Ato Forson served on the Bank of Ghana Board between 2013 and 2017.
Considering the deliberate distortion, lack of transparency, sponsored obfuscation and naked dishonesty; I decided to activate my constitutionally mandated parliamentary oversight role, so I could unravel the mystery in our collective national interest.
I can today report that I have intercepted unimpeachable, incontrovertible, irrefutable and undeniable documents from the Bank of Ghana and other credible sources which significantly reveal the following:
1. The Bank of Ghana commenced procurement processes for the controversial palatial head office on 14th January, 2020 when they wrote to the Public Procurement Authority (PPA) seeking approval to strangely use the Restricted Tendering Procurement Method;
2. The PPA by letter dated 28th January, 2020 signed by its Acting Chief Executive, Mr. Frank Mantey communicated approval of the Board for the BoG to proceed with its desire to use the Restricted Tendering Method;
3. From the intercepted documents, procurement for the project did not commence under the NDC or during the tenure of Hon. Ato Forson as Board Member, neither did it start during the presidency of H.E. John Mahama, contrary to the vicious fabrications by some desperate NPP apologists;
4. The BoG’s unacceptable use of the Restricted Tendering Method amounts to a blatant violation of the Public Procurement Act, 2003 (Act 663) as amended in Act 914. Section 38 of Act 663 provides a limited scope for the use of Restricted Tendering in circumstances where goods, services or works are available only from a limited number of suppliers or contractors;
5. From the intercepted documents, the BoG handpicked the following companies: i) Messrs. WBHO Ghana Limited, ii) Messrs. Man Enterprise, iii) Messrs. DeSimone Limited, iv) Messrs. Ronesans Holdings and v) Messrs. Goldkey Properties;
6. It is not clear what criteria the BoG used in selecting its preferred 5 companies when Ghana’s built environment can boast of many established and celebrated construction firms such as Consar, Berock, Maripoma, Mawums, M. Barbisotti, First Sky, Antartic, Ussuya, Regimanuel, and so on and so forth;
7. None of the BoG’s shortlisted companies can lay claim to any patent or exclusive capacity which other construction firms in that category do not possess and therefore warranting or justifying the use of restricted tendering;
8. It is obvious that Ghana would have had better value for money if the BoG had been less shady and opened up the process — opting for a full competitive tendering process;
9. In a bizarre twist, further investigations reveal that one of the BoG’s 5 “ordained” companies: Messrs. Ronesans Holdings is not registered at the Office of the Registrar of Companies. How did an unregistered company qualify to participate in a restricted tender?;
10. I intercepted another letter dated 4th September, 2020 also signed by PPA Acting Chief Executive, Mr. Frank Mantey which shockingly reveals that just within 8 months, the cost of the BoG Head Office project astronomically increased from US$81,882,640.00 to US$121,078,517.94.
11. Experts say this staggering US$40million increase in the project cost between January and September 2020 in a dollar denominated contract is absolutely mind boggling;
12. A 40% hike merely after tender evaluation in dollar pricing, not cedis, raises many critical questions for the BoG;
13. A credible full competitive tender process would have avoided this arbitrary cost escalation and guaranteed value for money;
14. Ironically, all these procurement breaches and sleazy price escalation at taxpayer expense was happening during the peak of the COVID-19 pandemic when President Akufo-Addo and Governor Addison had given Ghanaians assurances that they had put everything else on hold and were focusing on saving lives. Addison even claimed in June 2020 that the Central Bank was struggling in financing government because of Covid only to initiate this mega project on the blindside of Ghanaians;
15. Deeper investigations into the shady BoG head office project led me to discover another reckless and lawless conduct by the Addison-led Central Bank when they procured the services of a company known as MULTICAD to carry out project management through single-sourcing. (See PPA letter of 22nd September, 2021 as attached);
16. Section 40 of Act 663 provides the conditions for single-sourcing which do not apply in this instance;
17. There is no compelling genuine reason which justifies MULTICAD’s sweetheart deal of US$3.45million from Governor Addison;
18. What was Governor Addison’s special interest in ensuring that MULTICAD was single-sourced when there are hundreds of competitors out there who should have been allowed to compete for us to have value for money;
19. Curiously, this is a regime which made considerable noise in opposition against what they described as the dangers of single-sourced projects;
20. Strangely, MULTICAD’s articles of incorporation secured from the Office of the Registrar of Companies suggest that the company was registered on December 10, 2021 even though it received PPA approval on September 22, 2022. (See copy attached);
21. These numerous blatant procurement breaches, rigged procurement machinations, magical price escalations and lack of due diligence raise legitimate questions about the stewardship of PPA Board Chair, Prof. Christopher Ameyaw-Akumfi and his colleagues at the PPA;
22. Patriotic Bank of Ghana insiders working with me on this latest oversight project have expressed grave concern about how this BoG office complex which started at US$81.8million, surprisingly shot up to US$121million, and now variation reports are being prepared which are likely to exceed an incredible US$250million. This scary development invokes memories of the scandalous Akufo-Addo Cathedral which started at a US$100million and has now exceeded US$400million;
23. It is most astonishing for MisGovernor Addison who has presided over the BoG’s biggest losses in living memory of GHS60.8billion to initiate an US$81.8million head office project only to now saddle Ghanaians with a bill which is about three times more. The height of recklessness and gross mismanagement!;
24. Probably, MisGovernor Addison couldn’t be bothered about the frightening cost escalations for his new empire office project because he thought he could mindlessly continue with his illegal printing of cash;
25. This exposé clearly shows how MisGovernor Addison and his colleagues in management at the BoG have been deliberately lawless and remarkably destructive. Ironically, they punished others and collapsed their banks for far less.
26. All well-meaning Ghanaians must join the #OccupyBoGProtest. MisGovernor Addison and his fellow nation wreckers must go! Let us rescue our only country.
The Bank of Ghana (BoG) has provided reasons to support its decision to construct a new headquarters, citing concerns about the suitability of its current head office, which was built in the 1960s.
However, during a press conference on August 8, the National Democratic Congress (NDC) accused the Bank of Ghana of allocating approximately $250 million for the construction of the new headquarters. The NDC expressed worry about the substantial financial commitment, particularly considering the country’s existing economic challenges.
In response, the BoG offered an explanation. It revealed that a comprehensive assessment of the structural integrity of the current office had been undertaken. The findings highlighted deficiencies in the building’s strength to withstand various conditions, including earthquakes and strong winds. This analysis prompted the conclusion that a new headquarters was a necessary step.
Furthermore, the BoG justified its decision by emphasizing its strategic objective of positioning Ghana as a financial hub in the subregion. The Bank also aspires to potentially host the headquarters of a future regional Central Bank, similar to its current hosting of the West African Monetary Institute (WAMI). According to the BoG, a new headquarters would enhance operational efficiency and reinforce its positioning.
The NDC’s criticism revolves around the financial prudence of this decision, given the perceived financial challenges facing both the Bank and the nation. The NDC labeled the move as insensitive, considering the prevailing economic conditions.
In essence, this situation involves a complex interplay of safety concerns, operational goals, strategic aspirations, and political scrutiny. The Bank of Ghana’s choice to construct a new headquarters is motivated by a combination of safety considerations, efficiency aims, and ambitions to establish Ghana as a financial hub within the subregion.
National Communications Officer for the National Democratic Congress (NDC), Sammy Gyamfi, has vowed that the Governor of the Bank of Ghana, Dr. Ernest Yedu Addison, will not be allowed to evade justice even in the party’s next administration.
The notice was given to him on Tuesday, August 8 while he was interpreting Dr. Cassiel Ato Forson, the minority leader, during a news conference at the NDC headquarters.
The NDC is requesting the resignation of the Governor, along with his two appointees, Maxwell Opoku-Afari and Elsie Addo Awadzi, within the next 21 days.
“We demand the immediate resignation of the Governor and his deputies within 21 days,” Dr Ato Forson earlier demanded.
“We will march to occupy the Central Bank to save the Bank of Ghana if he fails to resign. The march will ensure accountability,” he said.
Supplementing Dr Ato Forson’s comments, the NDC Communications Officer, asserted that the Governor and his two appointees cannot be permitted to hold office till 2025.
He claimed that once the Central Bank’s spending threshold has been exceeded by 5%, its expenditures will only skyrocket.
According to him, the governors will face legal action in the government of John Mahama to “answer” questions if they don’t comply with the requests to leave for any reason.
“As for the Governor and his deputy, they are jail bound,” Sammy Gyamfi stated.
He claimed that because of the Central Bank’s “reckless” expenditure, it is no longer morally justified in urging commercial banks that are having management problems to act morally.
