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The National Democratic Congress (NDC), the main opposition party in Ghana, has demanded the resignation of the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison. The NDC accuses Dr. Addison of causing the country’s economic decline due to his alleged incompetence.
The NDC also criticizes the BoG for swiftly constructing a new headquarters while the country’s economy suffered. Speaking at a press conference in Accra on May 8, 2023, Dr. Cassiel Ato Forson, the minority leader, stated that the illegal printing of money by the BoG had led to the depletion of Ghana’s external reserves, causing the Cedi’s drastic depreciation and hyperinflation in 2022.
Dr. Forson pointed out that Dr. Addison had violated banking laws, specifically Section 30(7) of the Bank of Ghana Act, 2012 (Act 612) and Section 60 of the Bank of Ghana Amendment Act, 2016 (Act 918). The hyperinflation in 2022 is reported to have pushed around 850,000 people into poverty.
The Minority expressed the belief that those responsible for mismanaging the Central Bank should be held accountable. They demanded the resignation of the Central bank governor and his deputies within 21 days. Otherwise, the Minority threatened to take action, including occupying the Central Bank, to remove what they described as an inept, callous, and criminally mismanaging team from power in order to save the Bank of Ghana.
Source: Locotvgh.com