Home News Pru East MP calls on Addison to resign as BoG Governor

Pru East MP calls on Addison to resign as BoG Governor

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Dr Ernest Addison Governor Bank Of Ghana X
Dr Ernest Addison Governor Bank Of Ghana X

The Member of Parliament ((MP) for Pru East, Hon Dr Kwabena Donkor has called on the Governor of the Bank of Ghana, Dr Addison to listen to the voice of reason and resign honourably.

Speaking in an interview on the recent happenings regarding the Minority protest and demonstration for his resignation, Dr Kwabena Donkor urged the Governor to do the decent thing and resign with honour.

According to him, it is time the people of Ghana develop the habit of accepting responsibility for both success and failure.
The MP for Pru East asserts that the Governor is the only Chief Executive who is also the Board Chairman of the Institution as prescribed by law.

“He also chairs the key Monetary Policy Committee of the Bank. The Bank of Ghana has the sole responsibility for monetary policy. Not even the finance minister can interfere in the realm of monetary policy.”

In view of this, the MP said the Governor takes the credit as well as the blame for outcomes.

He asserted that there is high inflation because BoG went behind its enabling Act as well as the Public Financial Management Act to print money and advanced same to Government over and above what it is authorized to do without Parliamentary approval. When you print money in excess of the quantum of goods and services in the economy, you create an inflationary spell. The resultant severe inflation is traceable to the Bank’s actions.

“When would we as a people and particularly as professionals have the decency to accept responsibility? The Bank of Ghana has total responsibility for monetary policy. Interest rate is hovering between 30-40% and inflation is around 40% and the Governor, who is both the Chief Executive and Chairman of the Board of the Bank sees nothing wrong with that and calls those asking him to resign hooligans!”

He said, what most Ghanaians don’t know is that even if he resigns, he resigns on his full salary and privileges for the rest of his life. His lack of decorum is unfortunate.

He called on him to resign saying that the last two years have exposed his ineffectiveness as Governor of the Bank of Ghana and that it will be proper for him to resign and allow somebody else to take over the mantle.

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