The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has said that he will not act on the calls by the Minority in Parliament to resign.
Dr Addison says he is not stepping down, describing a recent demonstration by the minority as “completely unnecessary.”
“The Minority in Parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans,” Dr Addison said in reference to the recent #OccupyBoG protests.
Hundreds of protesters hit the streets of Accra on Tuesday to denounce the economic crisis as a result of what they termed poor fiscal policy by the Bank of Ghana.
Led by NDC MPs, the protesters said the action of the central bank governor had led to hyperinflation and a high cost of living and wanted him and his two deputies to step aside.
During the protests, the opposition MPs also accused the BoG Governor of overprinting money to fund the government’s alleged profligacy, which has led to economic hardships.
The Minority Leader, Cassiel Ato Forson, said, “This Akufo-Addo government, together with the governor, haven’t been fair to Ghanaians. Governor Addison printed for Akufo-Addo for them to live a champagne lifestyle. We can’t continue this way. Ghanaians are struggling and finding it difficult to survive. Some are struggling to eat three times a day. We want this government out.”
However, Dr Addison has rejected the claims, adding that the Bank of Ghana provided monetary financing during 2020 and 2022 to meet specific crises, which he says is legal under the central bank law.
The Central Bank posted losses totalling GHC60.81 billion for the 2022 financial year as against a profit of GHC1.23 billion recorded in 2021.
The losses were a result of the government’s domestic debt restructuring activities and the depreciation of the cedi, among other effects.
Dr Addison explained, “The impairment of the bank’s holdings of debt, which led to the losses, was a conditionality for the IMF programme. Nobody at the Bank of Ghana forgave any debt.”
The governor also clarified that the BoG’s decision to commence construction of the new headquarters was made in 2019 when the bank was profitable and had allocated some of its profits for the new headquarters.
“It was not a decision taken during a crisis,” he added in an interview with the international business website Central Banking,