NDC MPs Engage Police Ahead of Planned Protest Against BOG Governor
Protest against BOG Governor: NDC Members of Parliament (MPs) took action on Wednesday, August 23, by engaging with the Greater Accra Regional Police Command, as they prepare for a forthcoming protest against the Bank of Ghana (BoG) Governor and his deputies.
Scheduled Demonstration Following Call for Resignation Over Central Bank Losses
The planned demonstration, set for Tuesday, September 5, arises from their call for the resignation of the Governor and deputies due to the central bank’s losses in 2022.
Strategizing for Success: NDC MPs’ Meeting with Police Officials
Led by Deputy Leader Emmanuel Armah Kofi, the NDC MPs held an indoor meeting with the Police to finalize the details of the protest.
Following the meeting, Armah Kofi Buah addressed the media, confirming that all necessary arrangements have been made for a successful protest.
Allegations of Unauthorized Printing: Motivation Behind the Protest
The motivation behind their demonstrations lies in the central bank’s alleged unlawful printing of over GH¢80 billion for the Akufo-Addo government.
The Minority in Parliament, in collaboration with Civil Society Organizations, Progressive Forces, and concerned Ghanaians, plans to carry out the protest in accordance with sections 1, 2, and 3 of the Public Order Act 1994 (Act 491).
Voicing Disapproval: Protest Aims to Address High Inflation and Economic Impact
The main objective of this protest is to voice their strong disapproval of the unauthorized printing of money (amounting to about GH¢80 billion) by the BOG between 2021 and 2022.
They claim that this action contributed to a high inflation rate of 54.1% in December 2022.
The repercussions of the BOG’s actions have impacted livelihoods and enterprises, causing approximately 850,000 Ghanaians to fall into poverty in 2022 alone.
Condemning Mismanagement: Losses and Negative Equity
The Minority in Parliament expresses their dismay at the mismanagement of the Bank of Ghana’s affairs, which led to a substantial loss of GH¢60.8 billion and a negative equity of GH¢5.1 billion in 2022.
This has resulted in severe hardships for the people of Ghana, as asserted in their statement.
Bank of Ghana’s Defense: Economic Context and COVID-19 Impact
However, Dr. Ernest Addison, the BOG Governor, defends the bank’s actions, explaining that it did not provide government funding until 2020 and 2022 due to the impact of the COVID-19 pandemic.
The central bank adhered strictly to avoiding financing government expenditure until economic challenges arose last year.