The National Democratic Congress (NDC) has issued an ultimatum, demanding that the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, along with his deputies, resign from their positions within 21 days.
The party has threatened to take widespread action and occupy the Central Bank if their call for accountability and change is not heeded.
Addressing the media during the NDC’s “Moment of Truth” series at the party headquarters on August 8, Minority Leader Cassiel Ato Forson drew attention to the dire state of the central bank, branding it a catastrophe stemming from the ineptitude of the New Patriotic Party (NPP) administration.
Ato Forson accused the Akufo-Addo/Bawumia-led NPP of steering the central bank into insolvency through reckless mismanagement of the economy.
The release of the Bank of Ghana’s annual report amplified the concerns, disclosing alarming figures and statistics. The report unveiled a staggering GH¢60.8 billion ($6 billion) loss incurred by the bank. Moreover, the bank’s negative equity of over GH¢55.1 billion painted a grim picture of insolvency.
The Minority leader emphasized the opposition’s standpoint on the matter, directing accusations towards the Governor and his deputies for contributing to the bank’s financial downfall.
He underscored that these circumstances were no surprise to the NDC, as they had consistently warned against the mismanagement of the financial sector under the leadership of Dr. Ernest Addison.
Ato Forson asserted that this mismanagement was a product of collaboration between the Bank of Ghana’s leadership and key members of the government’s economic management team, characterizing the central bank as a casualty of reckless government financial decisions.
He stated, “The Bank of Ghana, which is our Central Bank and lender of last resort, has been dealt a catastrophic blow by the reckless, clueless and criminally-minded NPP mis-managers of our economy and this has necessitated an urgent call for action to Save Our Central Bank.”
The Minority Leader stressed the urgency of the situation, cautioning that without prompt and decisive measures, the mismanagement by the NPP administration could potentially lead to the collapse of Ghana’s financial system and economy, further worsening the conditions of the populace.
Ato Forson stated that the government had opted for an irresponsible approach, asserting, “After the inept and clueless Finance Minister over-borrowed and got Ghana locked out of the capital market due to unsustainable debt obligations, the NPP government chose the easy, reckless, lazy and criminal path of printing money.”
“This is how the Governor of the Central Bank, Dr. Ernest Addison who is now known as the “Printer of Money”, conspired with members of the Economic ‘mis-management’ Team led by the failed Alhaji Mahamudu Bawumia and the inept Finance Minister Ken Ofori-Atta aka “One Problem, One Bond”, to destroy Ghana’s Central Bank.”
The Minority leader also alleged that numerous members of the Akufo-Addo Government are potentially hoarding millions of dollars, using them to gain electoral favour at both party primaries and the upcoming general elections in December 2024.
He warned that unless drastic actions are taken, the NPP ‘mis-managers’ of the economy have laid a final groundwork for the collapse of Ghana’s financial system and the economy, which will worsen the already horrible conditions of Ghanaians.