Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), has unequivocally rejected calls from the opposition National Democratic Congress (NDC) and the Minority caucus in Parliament for his resignation.
In an interview with the international business website Central Banking, Dr. Addison firmly stated that he has no intention of stepping down, dismissing the NDC’s protests as “completely unnecessary.”
He further remarked, “The Minority in parliament has ample civilized channels to voice their grievances, rather than resorting to street demonstrations akin to hooliganism,” in reference to the #OccupyBoGProtest held on Tuesday. The protest aimed to decry the economic crisis attributed by the demonstrators to what they deemed poor fiscal policy by the BoG.
Additionally, Dr. Addison refuted allegations by the Minority that he had authorized the printing of money to fund the extravagant lifestyle of the ruling government. He explained that the BoG had provided monetary financing during the years 2020 and 2022 to address specific crises, asserting that this was fully in accordance with central bank law.
The Central Bank reported substantial losses totaling GHC60.81 billion for the 2022 financial year, a stark contrast to the GHC1.23 billion profit recorded in 2021. These losses stemmed from the government’s domestic debt restructuring initiatives and the depreciation of the cedi, among other contributing factors.