The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has rejected the demands from the opposition National Democratic Congress (NDC) and the Minority caucus in Parliament for his resignation.
In an interview with the international business website, Central Banking, Dr. Addison stated that he has no intentions of stepping down and characterized the NDC’s protest as “completely unnecessary.”
He criticized the Minority’s approach, suggesting that they have more civilized avenues for addressing their concerns in a democratic society, rather than demonstrating in the streets as hooligans.
The #OccupyBoGProtest, organized by the NDC, aimed to protest the economic crisis they attributed to what they perceived as poor monetary policy decisions by the Bank of Ghana.
Dr. Addison also refuted the Minority’s claims that he had printed money to fund the ruling government’s extravagant lifestyle. He explained that the BoG had provided monetary financing between 2020 and 2022 to address specific crises, which he asserted was within the legal framework of the central bank.
In terms of the central bank’s losses in the 2022 financial year, Dr. Addison clarified that these losses were primarily due to the government’s domestic debt restructuring initiatives and the depreciation of the national currency, among other factors. He emphasized that no debts were forgiven by the Bank of Ghana.
Additionally, Dr. Addison addressed the construction of the new BoG headquarters, stating that the decision to start this project was made in 2019 when the bank was profitable, and funds were allocated from its profits. It was not a decision made during a crisis period.
