Political science lecturer, Prof Ransford Gyampo, has criticized the Governor for the Bank of Ghana, Dr Ernest Addison, over his comments against the OccupyBoG protestors, insisting he portrays high-level poverty if all he has to his credit is money he’s printed.

In an open letter to the BoG Governor, Prof Gyampo revealed that his response to the taxpayers and demonstrators is unprecedented. To this end, he questioned whether Dr Addison wants to determine how they voice their dissatisfaction about his abysmal performance.

“Please Governor, printing money does not make you owner of human life and human rights and respectfully, sir, you portray a certain high-level poverty, if all you have, is the money you have printed, which makes you arrogant in insulting taxpayers who are unhappy with your abysmal performance. This isn’t how Governors G.K Agamah, K. Dufuor, P. Acquah, and N. Ishahakku handled the BoG. These chaps were simply sober and competent.”
Prof Ransford Gyampo

Commenting on the governor’s description of the minority’s protest against him as an act of hooliganism, Prof Gyampo indicated that it appears Dr Addison has a very “infinitesimal” understanding of the system of government Ghana has decided to operate.

To this, he strongly recommended that the BoG governor takes lessons in the tenets of democracy, that creates the kind of environment conducive for his work and for all to thrive.

Furthermore, Prof Gyampo called on Dr Addison to rethink his opinion and attitude, otherwise, it is going to be the cause of many demonstrations that would peak the country’s political temperature and create unnecessary tension.

“You described them as hooligans for demonstrating against you? Please who are you? Are you a demi-god or some deified ancestor-incarnate? Isn’t it under your watch that the BoG has negative equity? If my understanding of negative equity is correct, it means the BoG has no money to operate, and if so, where are you getting money for the construction of your new Headquarters? Borrowing to soak us into more debt or printing more money?”
Prof Ransford Gyampo

Insolvency of BoG under Governor’s leadership

Justifying his view on the BoG governor, Prof Gyampo highlighted that the Central Bank is currently insolvent under his watch and it doesn’t lie in his mouth to offer his own definition of what insolvency is.

He further explained that it is an “insult to our intelligence to get us into this quagmire, and still marshal the audacity to tell us that the BoG is technically not insolvent” because, it is a state entity.

“If there’s no money, there’s no money. You spent about 137 million on vehicle maintenance; collapsed over 400 banks and micro-finance companies; printed over 700 trillion within 2 years; and depleted our foreign reserves. Yet you still want to determine how the taxpayer reacts to your decision to choose excessive partisanship over competence?”
Prof Ransford Gyampo

Moreover, Prof Gyampo described the BoG governor’s attitude and response as one which epitomizes what his father referred to as “impunity personified”.

He expressed that the President has received several calls for his resignation, and finance minister, Ken Ofori Atta, is still being asked to resign or be sacked, although none of them have responded “arrogantly like the way you have”.

Meanwhile, the political science lecturer noted that whether the BoG Governor resigns or not, he would by all means, account one day, for his stewardship either in “heaven or in hell or in prison or in your home”.

“One thing is certain to me and must be clear in the minds of all, if we survive 2024, the conduct of governance, politics and the management of our economy wouldn’t be business as usual. Things would change to the glory of God, for the betterment of lives of Ghanaians, and to the shame of wicked and incompetent leadership.”
Prof Ransford Gyampo