Home »  Ghana’s Central Bank Faces Public Outrage Over Alleged Corruption and Mismanagement

 Ghana’s Central Bank Faces Public Outrage Over Alleged Corruption and Mismanagement

by Victor Adetimilehin

Accra, Ghana – Hundreds of protesters marched in Ghana’s capital on Tuesday, demanding the resignation of the governor of the Bank of Ghana and his two deputies over the alleged loss of about 60 billion Ghanaian cedis ($5.2 billion) in the 2022 financial year. The protesters, led by the opposition National Democratic Congress (NDC) party, accused the central bank of corruption, incompetence and wasteful spending. They also expressed their anger over the proposed use of more than $250 million for the construction of new headquarters for the bank amid the economic hardships faced by Ghanaians.

The demonstrators, dressed in red shirts, scarves and berets, chanted slogans and held banners – some reading “stop the looting, we are suffering” and “BoG governor, a coward and colossal failure”. The protest, dubbed #OccupyBoG, was part of a series of demonstrations organized by the NDC to put pressure on the government of President Nana Akufo-Addo, who is seeking re-election in 2024. The West African country is facing its worst economic crisis in over a generation, marked by soaring inflation of over 40%, a high cost of living and a huge public debt. The government has introduced tough measures, including increasing utility tariffs and taxes, to boost domestic revenue and meet the conditions of a $3 billion loan from the International Monetary Fund (IMF) secured last May.

The NDC has accused the government of mismanaging the economy and failing to deliver on its promises of creating jobs, improving infrastructure and fighting corruption. The Bank of Ghana has denied any wrongdoing and defended its performance, saying it has implemented sound policies to stabilize the currency, reduce inflation and support economic growth.

The bank has also justified its decision to build a new headquarters, saying it will enhance its operations and security, and save costs in the long run. The bank’s governor, Ernest Addison, who was appointed by Akufo-Addo in 2017, has refused to resign, saying he has the confidence of the president and the parliament. The protest comes at a time when Ghana is preparing to host the African Continental Free Trade Area (AfCFTA) secretariat, which is expected to boost trade and investment in the continent.

The AfCFTA, which came into force in 2019, aims to create a single market of 1.3 billion people and a combined GDP of $3.4 trillion. The protesters said they hope the AfCFTA will bring more opportunities and prosperity to Ghana and Africa, but they also urged the government and the central bank to address the economic challenges and ensure accountability and transparency.

Source: Ghana Web

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