The Deputy Ranking Member on the Finance Committee, Isaac Adongo has suggested that the Governor of the Central Bank of Ghana, Dr. Addison should leave office in order to pave way for Ghana to clear the mess that he has created.
He said that, part of the reason why the current exchange rates affect the economy of the country so bad is because the Bank of Ghana is competing with the economy for dollars, adding that the Governor has borrowed in excess of 70 billion dollars on the balance sheet of the Bank of Ghana since he came into office.
He mentioned that the governor mobilized the dollars and began to throw them at the cedi.
“Today, Dr. Addison is in trouble to find the dollars to go and pay back those loans; some he called them brief finance, some he called them swaps, some he called them repurchase agreements. Today, Dr. Addison is in the market looking for dollars to pay up for his own mess.”
Isaac Adongo
Mr. Adongo mentioned that this was the problem at hand currently, and Dr. Addison must be sacked, otherwise he should have the conscience to step down from his position as the governor of the Central Bank.
He explained that in an attempt to recall the 70 billion dollars that was lost back to the banking sector and the Bank of Ghana, the governor would have to increase the policy rates and retract the money from people’s homes.
“Every now and then, Dr. Addison increases the policy rates just so the 70bilion can come back home, to the extent that now the government borrows on 91 days at 34%. If you are a blue-chip company, like Unilever, you need to pay a premium to access a loan from the bank.”
Isaac Adongo
He indicated that the local companies would have to pay a premium of 50 % to be able to get a loan from the bank, adding that Dr. Addison is the key architect that is collapsing the businesses of people and squeezing credit to the private sector.
The President Must Step Down Due To His Misgovernance
Meanwhile, Martin Kpebu, a legal practitioner and the leader of the ‘Ku me pr3ko’ reloaded demonstration, said that President Akuffo Addo must resign from his position due to his incapability to steer the country towards progressive juncture.
He mentioned that citizens were dying, and starving because they cannot afford to buy food due to the misgovernance and overborrowing of the President.
Ghana, he said, is in a situation where every time the President borrows, his family becomes richer and he further stated that this cannot continue because the country does not belong to President Akuffo Addo.
“We can’t borrow all the time and have Data Bank becoming richer all the time, the country becomes poorer and Data Bank become richer. This without more is sufficient for President Akuffo Addo to resign.”
Martin Kpebu
Mr. Kpebu indicated that the incentive taken by the President and his government to borrow has led to over borrowing and the further collapse of the cedi, stating that according to the constitution, the citizens have a duty to ask the President to resign.
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