The National Democratic Congress has called for the resignation of Governor of Bank of Ghana (BoG), Dr Ernest Addison and his deputies.

According to the party, the 2022 Annual Report and Financial Statement of the Bank presented by BoG revealed that millions of Ghana Cedis have been wasted on frivolous administrative expenditures. It indicated that the Bank of Ghana spent a whopping GHS131.6 million on Motor vehicle maintenance and running in 2022 alone – a 114% increase over the previous year’s expenditure.

Similarly, the NDC stated that foreign and domestic travels of the Bank of Ghana cost the Ghanaian tax payer a staggering GHS97.4 million, which is about 246% increase over the previous year. It further emphasized that more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million on another Head Office building somewhere at Ridge.

“In this regard, we call for the resignation of the Governor of the Central Bank and his deputies within 21 days from today. We are resolved to embark on popular action to occupy the Central Bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana.
“The March to Ensure Accountability will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated. Dr Ernest Addisson Must Go! There has to be an end to impunity, and it is now!”
Cassiel Ato Forson

Addressing the media on Tuesday, August 8, 2023, Minority Leader, Ato Forson, indicated that the party will not be surprised if members of the Economic Management Team involved in these “contests make a strong showing”. To this end, he stated that the NDC will continue to explore ways of rescuing the country to prevent it from the doom that has befallen several West African countries.

“The IMF has made offers to assist the Government develop a plan for the recapitalization of the Central Bank. It is however our position that those who have so recklessly mismanaged the Central Bank and brought it to its knees cannot remain at the helm of affairs of the bank without being held accountable.”
Cassiel Ato Forson

Illegal printing of money by BoG

Among other things, the NDC highlighted that the Bank of Ghana’s illegal printing of money is responsible for the depletion of Ghana’s external reserves which resulted in the unprecedented depreciation of the Cedi – the main cause of hyperinflation in 2022. It revealed that the Governor equally breached section 30 (7) of the Bank of Ghana Act, 2012 (Act 612) and Section 60 of the Bank of Ghana Amendment Act, 2016 (Act 918).

Also, the party stated that an estimated 850,000 people were further reported to have been pushed down the poverty line as a result of the hyperinflation in 2022. In light of this, it explained that it is now obvious that many more members of the Akuffo-Addo Government will likely be keeping several more millions of dollars in their bedrooms and “building a war chest to illegally buy electoral votes at both party primaries and the upcoming general elections of December 2024”.

“Those who have by their reckless and criminal conduct unleashed economic hardship and financial distress on the suffering people of Ghana must be held to account. Impunity of the highest order can no longer be tolerated by the suffering masses of Ghanaians. We must not allow dangerous precedents to be set for future leaders.”
Cassiel Ato Forson

Furthermore, the NDC underscored that the Bank of Ghana also dissipated another GHS8.6 million on Director’s remuneration alone, which represents about 87% increase over the previous year’s expenditure. This, the party expressed, simply means that Ghanaians were charged a “Mismanagement Fee” to deliver the collapse of the Bank.

“The Bank further claimed to have spent a colossal GHS357.9 million on Banking Supervision Expenses. The report disclosed that, the bank spent a whooping GHS67.9 million on computer expenses while communication expenses amounted to GHS32 million. The Report disclosed ‘other’ undisclosed expenses amounted to GHS287.8 million of the taxpayer’s money.”
Cassiel Ato Forson