Mahama Slams Bank Of Ghana Boss: Addison Using Debt Exchange As Excuse After Destroying Central Bank

• Former president John Mahama has accused the Bank of Ghana governor, Ernest Addison of destroying the central bank
• Mahama said Addison was only using the Domestic Debt Exchange Programme as an excuse for BoG's financial challenges
• The BoG lost GH¢55.12 billion due to haircuts suffered under the Domestic Debt Exchange Programme

Former president John Mahama has taken a swipe at Ernest Addison, the Bank of Ghana governor, over his management of the central bank.

Mahama did not mince words, saying Addison had destroyed the Bank of Ghana.

In addition, he said the BoG boss was using the Domestic Debt Exchange Programme as cover for the GH¢60 billion losses in 2022.

"A pliant Governor destroys the Central Bank and seeks to use the Domestic Debt Exchange (DDE) as a cover," the former president said on Facebook.

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Mahama suggested in the same post that this was comparable to the government blaming the challenges of the economy on the Russian-Ukraine war.

The BoG stunned observers when it disclosed in its 2022 annual financial report that it lost GH¢55.12 billion due to haircuts suffered under the controversial Domestic Debt Exchange Programme.

BoG said its holdings of marketable and non-marketable instruments were exchanged for lower-yielding instruments under the DDEP.

NDC calls on governor to resign

YEN.com.gh previously reported that the NDC had criticised the central bank's insolvency and called on the Governor, Dr Ernest Addison, to resign.

Minority Leader Dr Cassiel Ato Forson blamed the central bank's losses on the Governor, President Nana Akufo-Addo, Vice President Dr Mahamudu Bawumia and Finance Minister Ken Ofori-Atta.

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The NDC described the four as the "criminal money printing quadrant."

The opposition party further threatened to protest at the BoG premises if Dr Addison and his deputies did not resign within three weeks.

BoG vows never to lend money to government

Earlier, YEN.com.gh reported that the BoG said it would no longer lend the government money to avoid repeating its losses.

The central bank said the zero-financing policy is part of a grand plan to recoup the massive losses in 2022.

The BoG also disputed claims that it lost close to GH¢60 billion in 2022 due to reckless spending.

Source: YEN.com.gh