Isaac Adongo has attributed Ghana’s current economic crisis to the leadership of Dr. Addison at the Central Bank.
In a scathing critique, he accused the Bank of Ghana of non-compliance with its own regulations and held Dr. Addison responsible for the dire state of the economy.
“We are all aware that our economy is in a mess. Part of the reason we are in this mess is because of Dr. Addison of the Bank of Ghana,” the Member of Parliament for Bolgatanga Central.
He criticized the central bank’s tendency to revoke licenses of financial institutions while not adhering to its own regulations.
The MP further highlighted the consequences of the Bank of Ghana’s actions, including high levels of inflation, interest rates, and a significant depreciation of the national currency.
He pointed out that the Bank of Ghana has failed to comply with its own policies, such as the obligation to publish its financial statements and gazette its assets and liabilities every 15 days.
He expressed disappointment that the bank had not filed and published its financial statement by the end of April 2023, despite other banks complying with the required filing of returns.
He highlighted the need for transparency and accountability, urging the central bank to abide by the law.
Isaac Adongo warned that if the Governor fails to rectify the violations, the Minority Caucus is prepared to summon him before Parliament and, if necessary, take legal action.
“I want to serve a warning to the Governor of the central bank, that he should remember that he has dragged people to court over violations of the Bank of Ghana Act.”
“As a matter of fact, one of them just died… he should know that the same level of accountability will be extended to him,” cautioned the MP.
He warned that if auditors are found complicit in concealing the true state of affairs at the Bank of Ghana, appropriate actions, including reporting them to their regulatory bodies, will be taken.