The largest opposition National Democratic Congress (NDC) is calling for the resignation of the Governor of Bank of Ghana (BoG), Dr Ernest Addison and his deputies.
The party has threatened to march to the premises of BoG to drag Dr Ernest Addison and his deputies from office if they fail to resign within 21 days.
Minority Leader, Ato Forson addressing Journalists under the NDC’s Moment of Truth series on Tuesday, August 8, 2023, accused Dr Addison of mismanaging BoG resulting in an IMF bailout.
The Bank of Ghana recorded a staggering loss of GH¢60.8 billion within the 2022 fiscal year.
"We in the National Democratic Congress (NDC) saw the red flags and have consistently warned of the
mismanagement of the financial sector by the Governor of the Central Bank and his team of incompetent deputies.
"Only last week, the Annual Report and Financial Statement of the Bank of Ghana was released. This report depicted the catastrophic decline of the Bank into a bottomless pit. The report revealed the following astonishing facts:
1. The Bank of Ghana recorded a staggering loss of GHS60.8 billion, which is equivalent to $6 billion.
This is twice the amount we are to receive from our recent IMF bailout.
This means the recklessness and mismanagement of the Governor of the Bank of Ghana has cost the nation twice what we are struggling and sacrificing to receive from the IMF amid major conditionalities," a statement read by Minority Leader, Ato Forson outlined.
According to him this is how the Governor of the Central Bank, Dr. Ernest Addison who is now known as the “Printer of Money”, conspired with members of the Economic mis-management Team led by the failed Alhaji Mahamudu Bawumia and the inept Finance Minister Ken Ofori-Atta aka “One Problem, One Bond”, to destroy Ghana’s Central Bank.
Call to Step Down
In this regard, the NDC is calling for the resignation of the Governor of the Central Bank and his deputies within 21 days from today.
"We are resolved to embark on popular action to occupy the Central Bank and drive out the team of inept,
callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana.
"The March to Ensure Accountability will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated.
"Dr Ernest Addisson Must Go! There has to be an end to impunity and it is NOW!"
Read attached the full statement
Source: Peacefmonline.com
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Asiedu Nketiah and his NDC will regret replacing Haruna with this guy as Minority Leader
When he was pressured to do the wrong thing he should have stood on principle or resign on principle. That is what we call professionalism. Instead he chose to go along with the nation-wrecker of a president and plunged the whole financial system into risk. So @Akwasi your argument for and in defense of BOG governor is lame and infantile. Was he also given directive to spend GHC131million on car maintenance alone? Was he also given directive to spend GHC91million on foreign travels alone? He did these things because he felt it was public money he had access to and could waste. Please read the audit report and stop defending this fuulishness and profligacy by a reckless governor who prioritized personal gain over professionalism. Defending this only gives spine to further corruption and stealing of our meagre resources.
Do not blame the Governor he got directive from the President .As you have seen this Father is different . A good father knows how to spend when there is money and when he does not have money .
Holy Moses! So Dr Atto Forson leader of the NDC caucus in Parliament is threatening to march his members to the BoG and physically remove the Governor and the Directors from office?? This must be the joke of the century. We are dealing with a very serious situation of the Bank having made a monumental foul-up of our economy. Instead of invoking the relevant constitutional provisions to deal with it you prefer to use chooboi/takashi method instead. How ***barred word*** can you be? I don't think you have the ball to carry out this ***barred word*** threat. It would set a precedent for Ghanaians to march to Parliament to deal with you lot. Look back at the recent disgraceful behaviour of some of our MPs behaving like kindergarten children. Many MPs don’t show up during sittings. Many of you lot are glued to your mobile phones when in Parliament etc. Grow up, man. And stop playing to the gallery.
These minorities will always use their quest for power and self interest to destroy any opportunity to correct any problem confronting us. Where from this ultimatum and unnecessary picketing for political attention when the right channels are there to use to prosecute these corrupt individuals? It looks like they are not in for a solution that will restore the system which will make it difficult for them to do same but the temporary political advantage. Ghanaians as usual will hail them today and later turn against them when they do same. The cycle never stops.
You people should ignore @Baby. He/she is even struggling with basic grammar. lol. The correct expression is "blew 3billion...." not "below 3billion....". This is not in defense of Mahama...he too messed up but he never spent $billion on any elections. Pure propaganda concocted by uneducated party foot soldiers. I believe the BOG story because it came from an audit report which was confirmed by the governor himself so it is verifiable. Any verification Mahama spent US3billion? By the way Mahama was out of power by 2017 so could he spend US3billion of Ghana money from "July 2012 to December 2021"? Simple checking of facts @Baby can't do! Anyway, baby brains will make baby mistakes. What Ghana needs is for we the citizens to change these two parties(NDC/NPP)
@Baby are the real nation-wreckers whose folly, ignorance and blind loyalty to politicians fuel the unbridled corruption crippling our country! @Baby has forgotten that it should be loyalty to country first before political party for without a country there is no political party. Take a look at Sudan and it will strike some sense in! What is happening in our country is really very sad and people should stop playing propaganda and politics! Let our conscience guide our utterances. God save our country Ghana!
@Baby, this is not about your usual NPP/NDC politics engaged in by foot soldiers of your ilk. It is a rot happening at the regulator of ALL banks in Ghana so it is very unfortunate for you to reduce this discussion to NPP/NDC propaganda! The GHC60billion or USD5billion as conservatively converted by @Takum(he/she used 1USD to GHC12) is no joke! This poses what is known as systemic risk to the whole financial sector in Ghana. Don't forget the Bank of Ghana is known as the LOLR(Lender of Last Resort). To your feeble mind this means that Banks that are having liquidity challenges go to BOG for liquidity support! So for such a critical institution to be failing by recording losses of over USD5billion in a single year should set all of us in sober reflection of what is happening to our country! This figure was reported by BOG themselves so it is possible it could have been higher if they did not do some creative accounting! So @Baby this is not an area for your usual jokes and propaganda-peddling! Ghana is seeking USD3billion spread over 3years yet their central bank could afford to loose over USD5billion in a single year? How do you defend this?(as asked by @Takum and Co)
Why have Christian council kept quit when things are going wrong with this country. why are the chiefs quit?. Why is organized labor quit? Why is the Islamic council quit ? During Mahama time people spoke against the evils of him so why . Hypocrisy, Tribalism etc The President professes rule of law but he does things against the law . Overspending, forcible using all the reserves, by passing banking system etc
Where were you when John Mahama after the death of Prof Mills May his soul rest in peace, below three Billion US dollars ($3,000,000,000.00)on his reelection in 2012 from July 2012 to December 2021. Give us a break!