The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has dismissed calls by the opposition National Democratic Congress (NDC) and the Minority caucus in Parliament for his resignation, asserting that he will not step down from his position.
In an interview with international business website Central Banking, Dr. Addison labeled the protest by the NDC, which included the #OccupyBoGProtest held on Tuesday, as “completely unnecessary.” He suggested that the Minority in parliament had multiple channels to address their grievances in civilized societies rather than through street demonstrations.
Dr. Addison also rejected allegations made by the Minority that he had printed money to finance the lavish lifestyle of the ruling government. He clarified that the BoG provided monetary financing during 2020 and 2022 to address specific crises, emphasizing that this action was within the bounds of the central bank’s legal framework.
The Central Bank reported total losses of GHC60.81 billion for the 2022 financial year, compared to a profit of GHC1.23 billion in 2021. These losses were attributed to the government’s domestic debt restructuring activities and the depreciation of the cedi, among other factors.
Dr. Addison’s firm stance against calls for his resignation comes amid ongoing protests and political pressure on the BoG due to the economic challenges facing Ghana. The central bank’s role in managing monetary policy and economic stability has been a subject of contention in the country’s political landscape.
