Home » Ghana’s Central Bank Governor Faces Mass Resignation Calls Amid Economic Crisis

Ghana’s Central Bank Governor Faces Mass Resignation Calls Amid Economic Crisis

by Victor Adetimilehin

Thousands of Ghanaians have joined a protest in Accra, the capital city, to demand the resignation of the governor of the Bank of Ghana (BoG), Ernest Addison, and his two deputies. The protesters accuse the governor of mismanaging the country’s economy, leading to high inflation, unemployment, and hardship.

The protest, dubbed “Occupy BoG”, was organised by the opposition National Democratic Congress (NDC) and its supporters. They marched to the BoG headquarters, where they refused to hand over their petition to the director of security, who was assigned to receive it on behalf of the governor. They insisted that they would only present their petition to the governor or his deputies in person.

The protesters also criticised the government of President Nana Akufo-Addo for its alleged profligacy and corruption, which they said had worsened the economic situation. They chanted slogans such as “Akufo-Addo is wicked”, “We cannot buy medicine”, “We are dying”, and “Fix the country”.

The NDC’s minority leader in parliament, Cassiel Ato Forson, said the governor had printed money to fund the government’s lavish spending, resulting in hyperinflation. He said the inflation rate had reached 40 percent, making life unbearable for ordinary Ghanaians.

“If the whole country needs 1 billion from the IMF every year for three years to fix our problem and Addison in one year can superintend the loss of 5 billion. Who’s our problem?” he asked.

He also warned the governor that he could face legal consequences for his actions, citing examples of other central bank governors who had been prosecuted in countries like Nigeria.

“In countries like Nigeria, there are governors who are being prosecuted. He should check what is happening to his colleagues, so governors should not think that they have some immunity. It happened elsewhere, some governors are in jail for far less,” he said.

The governor has not responded to the protesters’ allegations or demands. Government officials have also declined to comment on the issue.

Ghana is facing a severe economic crisis, with a ballooning debt, a weak currency, and a slow recovery from the impact of the COVID-19 pandemic. The country has received $3 billion in relief support from the International Monetary Fund (IMF) since 2020.

The economic outlook will be a major theme as the country heads to elections in 2024, with Akufo-Addo stepping down after his two terms allowed by the constitution. The NDC has selected former president John Dramani Mahama as its candidate for the presidential race. Mahama lost to Akufo-Addo in the 2016 and 2020 elections.

Despite the challenges, some analysts believe that Ghana has the potential to overcome its economic woes and achieve sustainable growth. They urge the government to implement prudent fiscal policies, mobilise domestic revenue, and create jobs for its youthful population.

Source: GhanaWeb

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