The National Democratic Congress (NDC) has expressed concern over the performance of Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG) and demands his resignation in 21 days
According to the NDC, his management decisions in the financial sector have contributed to the country’s economic challenges.
During a press conference at the party’s headquarters in Accra, Dr. Cassiel Ato Forson, the Minority Leader in Parliament, referred to the Bank of Ghana’s Annual Report, which highlighted substantial sums of money being spent on unnecessary administrative expenses.
Dr. Forson criticized the Governor’s alleged collaboration with the Vice President, Dr. Mahamudu Bawumia, and Finance Minister, Ken Ofori-Atta, accusing them of imposing what he called an “illegal inflation tax” on citizens. This practice, he argued, has led to a significant decrease in disposable income due to rising prices of goods.
The party further criticized the Bank of Ghana for spending around GH₵97.4 million on travel expenses, an increase of 246% compared to the previous year. They also raised concerns about undisclosed expenses totaling GH₵357.9 million for banking supervision, along with an investment of $250 million in constructing a new head office in Ridge, Accra.
The NDC accused the Central Bank of unauthorized money printing, leading to the decline of Ghana’s external reserves. This, they claimed, resulted in severe depreciation of the Ghanaian Cedi and hyperinflation in 2022, which pushed many people below the poverty line.
As a response to their concerns, the NDC demanded that Dr. Ernest Addison and his deputies step down within 21 days from August 8, 2023. They threatened to organize protests outside the Central Bank if the Governor does not resign within the specified timeframe.
