The New Patriotic Party (NPP) has stated that the National Democratic Congress’ (NDC) call for the ouster of Bank of Ghana Governor Dr. Ernest Addison and his deputies, reflected the party’s inadequacy of innovative concepts to help fix the economy.

The NDC vowed to march to the premises of the Bank of Ghana to evict Dr. Addison and his deputies if they did not quit within 21 days, citing the officials’ reckless administration of the bank.

However, the NPP’s Director of Communications, Richard Ahiagbah, emphasized that the public should ignore the NDC’s misinformation.

“Is the NDC trying to run the Bank of Ghana now? Is that the point they want to communicate to us, that the Bank of Ghana cannot make a decision until they refer to the NDC? This whole thing the NDC is doing is a clear distraction, clear evidence that the NDC doesn’t have any message. The relevant message any political party should communicate now is, how do we strengthen this recovery? How do we make this recovery long term? How do we turn the curve and remain on a path to growth? The NDC must call another press conference on Wednesday, this one they have done is a mistake. They should call another and tell Ghanaians their ideas to ensure this economy continues to build forward, that is where the conversation should go.”
Richard Ahiagbah

He also stated that the Bank of Ghana’s GHC60 billion losses in its fiscal year 2022 are not unique to Ghana, but are shared by other central banks.

“Central banks across the world are posting heavy losses, and the NDC knows about this. The Bank of England is owed in excess, a debt on their books, the Swiss bank is also owed, this is an incident happening across the board. This is because all economies are trying to build back due to COVID-19 and Russian-Ukraine war.”
Richard Ahiagbah

BoG Governor And Deputies Should Refund Part Of Monies

Franklin Cudjoe, the founding President of IMANI-Africa, stated that the Governor of the Bank of Ghana and his two deputies should not only be requested to resign, but also be required to refund a portion of the funds lost due to mismanagement.

He considered that this would set a positive example for future Central Bank executives.

Minority Leader Dr Cassiel Ato Baah Forson, a former Deputy Finance Minister, offered the Governor, Dr Ernest Yedu Addison, and the two Deputy Governors, Maxwell Opoku-Afari and Elsie Addo Awadzi, a 21-day ultimatum to resign on Tuesday, August 8. He stated that if they do not quit within the deadline, members of the Minority Caucus will march to the Central Bank’s headquarters each day, dubbed “Occupy Bank of Ghana,” to demand their departure.

“We should just go beyond these constitutional dress rehearsals, asking for information,” Franklin Cudjoe indicated, stressing that GH¢60.8 billion is too huge to be made to go down the drains.

He remarked on how hell would have broken loose if such transgressions had been recorded under Former President John Dramani Mahama. “Admittedly, it has become political now. If it had come under a John Mahama administration, hell would have broken loose,” he opined.

Professor John Gatsi, Dean of the Business School at the University of Cape Coast (UCC), on his part, supported the requests for punishment but referred to Parliament to implement them. For him, it is inappropriate for the administration to wipe off the Central Bank’s debt, which should have been done at the request of Parliament.

“Even though there is no clear punishment prescribed in the Bank of Ghana Act, when it is discussed in Parliament, then Parliament will now [come out with the right sanctions].”
Prof John Gatsi