Pressure group, Arise Ghana has aligned itself with a demand by the Minority Caucus in Parliament for the Governor, Deputies, and Board of Directors of the Bank of Ghana to resign.
The group warned it will join the protests if these officials fail to comply within the stipulated 21-day deadline.
In a scathing statement released on Monday 21st August 2023, Arise Ghana expressed deep concern over the findings of the 2022 audit Report and Financial Statements of the Bank of Ghana.
The group accused the Addison-led Board and management of the Central Bank of overseeing a series of actions that have led to the institution’s deteriorating state.
The most alarming revelation pertains to the alleged unauthorized printing of money by the Bank of Ghana in 2021 and 2022 to the tune of GH¢77 billion, a move said to have financed the actions of the government.
Rex Omar, the Convener of Arise Ghana, stated, “We hold the view that the illegal printing of money is the height of irresponsibility and must be condemned by all well-meaning Ghanaians.”
The group also criticized the alleged writing off of approximately GH¢32 billion without the required parliamentary approval, a move deemed in violation of the Public Financial Management Act (PFMA).
The financial implications of these alleged actions, according to Arise Ghana, are dire. The Central Bank’s losses reached GH¢60.8 billion with a negative equity of GH¢55.1 billion in 2022 alone.
The statement also indicated that despite the substantial sums printed, the economic situation of the average Ghanaian has not improved, with inflation reaching 43.1%.
Arise Ghana also condemned the official use of funds by the Bank. The statement revealed substantial amounts allocated for vehicle maintenance, computer-related expenses, travel, communication, and banking supervision.
The group called it “unconscionable” for such expenditures to be incurred while the nation faced economic challenges.
The group further expressed outrage over the Bank of Ghana’s decision to embark on a $250 million office complex project despite its financial troubles.
“The decision is a misplaced priority and the height of insensitivity,” the statement said.
Arise Ghana issued an ultimatum for the bank’s top officials to step down and warned failure to comply and that they will protest alongside the Minority and other groups.
“We hereby serve notice to save the central bank from further mismanagement and deterioration,” the statement said.