….Cites massive mismanagement and recklessness
The National Democratic Congress (NDC) has accused the Bank of Ghana (BOG) boss and his two deputies of massive mismanagement and has threatened to march to the premises of BoG to drag them from office, if they fail to resign within 21 days.
The opposition party, also cited the cost of building a new head office at an amount of US$250 million saying this amounts to gross mismanagement and recklessness over the past years which Minority Leader, Cassiel Ato Forson said has put a strain on Ghana’s economy thereby deteriorating the standard of living of Ghanaians.
Addressing journalists under the NDC’s Moment of Truth series yesterday, Tuesday, August 8, 2023, the party alleged that the new head office of the central bank, is being built at Ridge in Accra.
He lashed out at the Bank of Ghana, accusing it of being insensitive.
He has thus demanded the resignation of the governor, Dr Ernest Addison and his deputies.
“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country.”
The party also accused the BoG of illegally printing money which has resulted in hyperinflation which it says has plunged a large chunk of Ghana’s population into poverty.
“The BOG’s illegal printing of money is responsible for the depletion of Ghana’s external reserves which resulted in the unprecedented depreciation of the Cedi, the main cause of hyperinflation in 2022.”
The Bank of Ghana recorded a staggering loss of GH¢60.8 billion within the 2022 fiscal year.
Minority Leader, Ato Forson accused Dr Addison of mismanaging BoG resulting in an IMF bailout.
“In this regard, we call for the resignation of the Governor of the Central Bank and his deputies within 21 days from today. We are resolved to embark on popular action to occupy the Central Bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and save the Bank of Ghana. 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!”
“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”.
According to the party, the BoG, has become a crime scene, with its managers treading on a dangerous trajectory.
“The NDC party is on record to have informed Ghanaians on countless occasions that the Bank of Ghana has been on a dangerous trajectory, and indeed, it has now become a crime scene with dire consequences for all of us. Beyond the mismanagement of the economy and our finances, the spectacular recklessness and ineptitude of the Governor and his team has called into question the wisdom of leaving him at the helm of affairs of the Central Bank”.
The NDC further accused the BoG of spending GHS97.4 million on foreign travels.
“Similarly, foreign and domestic travels of the Bank of Ghana cost the Ghanaian tax payer a staggering
GH¢97.4 million, which is about 246percent increase over the previous year”.
