NDC MPs Announces Protest Against Bank of Ghana Governor and Deputies on September 5

NDC MPs Announces Protest Against Bank of Ghana Governor and Deputies on September 5

Introduction

NDC MPs are gearing up for a protest scheduled on September 5, in collaboration with Civil Society Organizations, Progressive Forces, and concerned citizens.

NDC MPs

The protest is aimed at expressing their strong dissent towards the actions of the Bank of Ghana (BoG) Governor, Dr. Ernest Addison, and his deputies.

Alleged Unlawful Printing Sparks Outcry

A letter dated August 21, 2023, addressed to the Greater Accra Regional Police Command, reveals that the Minority’s protest is in response to allegations of the BoG’s involvement in the unauthorized printing of over GH¢80 billion for the Akufo-Addo government.

This alleged printing spree has reportedly led to a hyper-inflation rate of 54.1% in December 2022, inflicting economic hardships on the nation and pushing an estimated 850,000 Ghanaians into poverty.

Condemnation of Financial Mismanagement

In the communication, NDC MPs express their deep concern over what they perceive as severe mismanagement and mishandling of the Bank of Ghana’s affairs.

They highlight the substantial losses incurred by the bank and the resulting negative equity, which have significantly impacted the lives of Ghanaians, causing widespread suffering.

Communique by NDC MPs

Dr. Addison Clarifies Government Financing

Responding to the accusations, Dr. Ernest Addison, the Governor of the Bank of Ghana, offers clarification regarding the bank’s involvement in government financing.

He explains that the central bank refrained from providing government funding until the years 2020 and 2022, specifically during the COVID-19 pandemic.

He emphasizes that the Bank of Ghana adhered to a policy of zero financing for government expenditures, only resorting to such measures during exceptional circumstances.

Upholding Financial Regulations

Dr. Addison further elaborates on the financial regulations governing government financing. He cites the Bank of Ghana Act, amended to limit government financing to 5 percent of the previous year’s tax revenue.

He underscores that this limitation has been consistently maintained since he assumed office in 2017. Additionally, he mentions the non-binding Memorandum of Understanding signed between the bank and the Ministry of Finance, which imposed even stricter restrictions on central bank financing.

Conclusion

The impending protest organized by the Minority underscores their deep concern and disapproval of the alleged financial practices of the Bank of Ghana. The event serves as a platform for them to voice their objections and shed light on the perceived adverse effects these actions have on the Ghanaian populace.

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