BoG protest: Addison rejects call for his resignation  

Story: Kwabena Akyeana

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has stated that he will not resign from his position following the demands of the Minority NDC caucus.

On Tuesday, October 3, 2023,  the opposition MPs led a mammoth demonstration in Accra to demand the resignation of the central bank Governor and his deputies for mismanaging the bank.

But according to an international business website, Central Banking, Dr Addison says he won’t resign.

The website quoted the BoG Governor as saying “the demonstration yesterday [Monday] was completely unnecessary”, adding that neither him nor his deputies will leave their jobs.

“The Minority in parliament have many channels to channel their grievances” Dr. Addison is further quoted by the website.

The BoG Governor further dismissed claims of printing money to finance the government’s lifestyle as alleged by the Minority group.

He explained that the BoG provided monetary financing during 2020 and 2022, to meet specific crises which he says is legal under the central bank law.

Touching on the bank’s losses recorded in 2021, Dr Addison said the impairment of the central bank’s debt holdings that caused the losses in 2022 was a requirement for the International Monetary Fund (IMF) programme. The Bank of Ghana did not forgive any debts.

The Governor further clarified that the BoG chose 2019 as the start date for the new headquarters. This was “when the bank was profitable and appropriated some of its profits for the new headquarters,” he said.

“It was not a choice made in a time of crisis,” he added.

The NDC minority had vowed to deal with the BoG Governor for disrespecting the protesters as they were unable to present their petition to him.

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