NDC MPs To Defy Police Advice For Protest Against Bank Of Ghana Governors: "We Have The Democratic Right"

• National Democratic Congress (NDC) MPs have said they will not change their route for their protest against the Bank of Ghana
• The Ghana Police Service advised the NDC MPs to change their protest march route because of security concerns
• Bawku Central MP Mahama Ayariga said the NDC MPs had the democratic right to use the route they desired

The Minority in Parliament has rejected the call from the police to change its route for the protests against the Bank of Ghana governors scheduled for September 5, 2023.

The Bawku Central MP, Mahama Ayariga, said the Minority MPs would follow their initial route despite the security concerns raised by police.

The Minority had planned to end the protest at the Bank of Ghana head office, but the police wanted them to end the march at Independence Square instead.

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Ayariga believes that they have a democratic right to stick to their initial plan and charged the police to maintain security.

“We can march there because we have the democratic right to march there and the Ghana Police Service is paid a salary for a day like this when we have to march through Makola to Central Bank and then present a petition.”

In the letter sighted by YEN.com.gh, the Minority said it would be joined by some civil society groups during the protest to push for the resignations of the Bank of Ghana governors.

They plan to converge in front of Parliament House and then march through some principal streets in Accra including Osu cemetery, Makola-Rawlings Park, Opera Square and end at the Bank of Ghana.

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Losses due to Domestic Debt Exchange Programme

The BoG grabbed headlines after it disclosed in its 2022 annual financial report that it lost GH¢55.12 billion due to haircuts that its investments suffered under the controversial Domestic Debt Exchange Programme (DDEP).

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

The central bank governor said in the 2022 report that he was working to ensure that equity was restored to a positive path by the end of 2027.

BoG vows never to lend money to government

Meanwhile, YEN.com.gh reported that the BoG will no longer lend money to the government in its bid to avoid a repeat of the loss that happened in 2022.

The central bank said the zero-financing policy is also part of a grand plan to recoup some GH¢60.8 billion it lost in 2022.

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Director of Research at the BoG Dr Philip Abradu-Otoo disclosed during a TV programme that the policy would be implemented to the letter.

He also said claims that it lost close to GH¢60 billion in 2022 due to reckless spending are unfounded.

Source: YEN.com.gh