The Director of Communications for the ruling New Patriotic Party, Richard Ahigbah has indicated that the decision of the Minority Caucus in Parliament to embark on the #OccupyBOGProtest was pointless.
Mr Ahiagbah argued that the central bank is not solely responsible for its losses as claimed by the Minority Caucus in Parliament.
According to Mr Ahiagbah, the Ghana Police must also be appreciated for its demonstration of professionalism during the #OccupyBOGProtest yesterday, Tuesday, October 3 2023.
“While it is pointless to demonstrate against BOG at this time because the facts are evident, the Ghana Police Service has done a good job of shepherding a peaceful demonstration organized by an opposition that offers no alternatives. This is the sound of democracy, and ours is alive and well. Let’s work together to deepen it”.Richard Ahigbah
Ahiagbah Argues BOG Not Alone In Losses
The New Patriotic Party Director of Communications noted that the Central Bank of Ghana is not the only central bank that made losses during the year under review.
He argued that many Central Banks in the world equally made huge losses more than what the Bank of Ghana did but yet have been allowed to carry out their mandate without any opposition like the Minority Caucus in Parliament and the National Democratic Congress are doing to the Governor of Bank of Ghana.
“The Bank of Ghana is not alone. The following Central Banks have run even higher debt but it has not impeded their ability to carry out their policy mandate”.Richard Ahigbah
Mr. Richard Ahiagbah indicated that the Reserve Bank of Australia (RBA) recorded a 2022 book loss of 37 billion Australian dollars while the UK Government faces a £150 billion bill to cover the Bank of England’s losses according to the Financial Times of July 25, 2023.
He further stated that the Swiss National Bank (SNB) in early January reported a record preliminary loss of 132 billion francs for 2022 while in September 2022, the central bank of the Netherlands notified the country’s government in a letter that it projects net interest losses amounting to a potential EUR 9 billion for the years 2023 through 2026.
According to Mr. Ahiagbah, the US Federal Reserve (Fed) also has no longer been able to remit weekly billion-dollar transfers to the US Treasury since autumn 2022.
He therefore underscored the challenges the Ghanaian economy has faced over the past years and the commitment the New Patriotic administration under President Akuffo Addo has taken to mitigate these challenges.
Mr Ahigabah believes President Akuffo Addo and the New Patriotic Party administration shall work to achieve better economic prospects for Ghana in the shortest possible time.
“Our economy came up against a global storm in 2022, but we are building quickly out of it”.Richard Ahigbah
He also accused the opposition National Democratic Congress of lacking any alternative solutions to the problems facing the country and therefore called on Ghanaians to rally behind the ruling New Patriotic Party.
“So, indulge me when I say the NDC is not an option for Ghana because whenever they are in power, they run the economy very badly.Richard Ahigbah
Yesterday, Tuesday 3rd October 2023, the Minority Caucus in Parliament and the National Democratic Congress in collaboration with Civil Society Organizations, Progressive Forces and other well-meaning Ghanaians embarked on its much-anticipated #OccupyBOGProtest.
The protestors accused Dr. Ernest Addison and his two deputies of gross mismanagement of the central bank, citing the over GHc60 billion loss by the Bank of Ghana as the basis for their call for their resignations.
The Minority Caucus in Parliament and the National Democratic Congress, the organizers of the #OccupyBoGProtest, have threatened to host numerous protests if the Bank of Ghana (BOG) Governor, Dr. Ernest Addison, and his deputies do not resign.