The Bank of Ghana’s governor has told Central Banking he rejects demands on him to resign made by the main opposition party, NDC.
The largest opposition party, the National Democratic Congress, and smaller groups took part in a march on the central bank’s headquarters on October 3. But Ernest Addison says “the demonstration yesterday was completely unnecessary”, and neither he nor his deputies intend to step down.
Dr Addison in an interview with international business website, Central Banking, said he is not stepping down, describing the protest by the NDC 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,” Addison added in reference to the #OccupyBoGProtest.
The protest was held on Tuesday, October 3 to denounce the economic crisis as a result of what the protesters termed poor fiscal policy by the BoG.
Addison also rejected the claims by the Minority that he printed money to finance the lavish lifestyle of the ruling government.
According to him, the BoG 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.
Regarding the central bank’s 2022 losses, Addison told Central Banking: “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 decided to start the new headquarters in 2019. This was “when the bank was profitable and appropriated some of its profits for the new headquarters,” he said.
“It was not a decision taken during a crisis.”
Source: Centralbanking.com
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An inflation rate of 40% means that the Bank of Ghana increased the amount of money in circulation by 45% in each of the last three years which couldn't have been possible, taking into consideration the amount of money in circulation now, especially in rural areas. Even in the year 2000 when the prices of sugar, milk and transportation fares doubled every 2 months, the then NDC government said that inflation was 35%. Clearly, something is not right with the Govt Statisticians computer. I am sure a computer virus has been manipulating the rate. Akufo-Addo buy the statistician a new computer.
The President said during the heat of the COVID-19 Pandemic that: "We know how to Manage the Economy but we cannot Resurrect the Dead". This quote was unanimously subscribed to by the international community. World leaders from that time were actively thinking of how to save lives, ignoring the cost thereof. Unfortunately, some politicians who want to profit from the pandemic and its collateral damage on human lives, are just focusing on the monetary aspect. Furthermore, they also close their eyes to the fact that the 2020 was the beginning of the pandemic, but its effects on economies linger up to unabated. Learned but hypocr!tical and misch!evous as they are, close their eyes to happenings in other countries across the world. They are only winning the feeble minds and fooling their f00l soldiers. However, discerning Ghanaians compare the condition during their regime in a stable world order and this administration in a chaotic world order.
If one commits an illegality send him to the appropriate institution for redress and don't expect the one you want out of office to receive your petition. The NDC didn't appoint so they should go through the legal process to remove him from office. In any case they will still not appoint the governor so what is the noise for. The masses will march to parliament to demand the refund from those who collected double salaries.
Thumps up, Dr.Addision. The truth stands. Dr. Kosi Fuasi et al. are hooligans', frustrated and desperate for power. Well said, Governor. Uncivilized personalities formed the NDC; no wonder they can act rudely!
Disappointing comments from Dr Kosi. I think this guy lacks knowledge in crisis management and economic policy which can have deleterious effects on the stability of a country and its citizens. Come to the UK and China and learn about how their central banks dealt with financial crises. If you are an economist, read you empirical literature careful about dealing with external and other shocks. I hope you accept this challenge and do your homework well before criticising.
Oh not only is he incompetentt but also arrogantt just like the ediot who put him there! Which ceo causes a loss of over $5 billion to his company and still stays in office? The most uselezz central bank governor in living memory!
In civilized societies, central bank governors conduct their affairs with civility and professionalism. The day of reckoning will come, either in this life or the other life. Power is temporary, make no mistake about that.