Ghana Police Run To Court To Stop NDC MPs' Protest Against Bank Of Ghana Governors

• The Ghana Police Service has gone to court to halt the Minority in Parliament’s protest against the Bank of Ghana
• Police want the Minority MPs to change the route for the protest because of security concerns
• Deputy Minority Leader Emmanuel Armah-Kofi Buah accused the police of trying to obstruct the protest

The Ghana Police Service has filed an application at the High Court to challenge the Minority in Parliament’s protest against the Bank of Ghana.

The police want the minority to change the route for its planned protest on September 5, 2023, because of security concerns.

But the Minority has refused to heed the advice of the police as it seeks to force the resignation of the Bank of Ghana governors.

“As a result, the police with the best interest of public safety in mind, have been left with no alternative but to seek legal recourse by approaching the court to determine the matter.”

Read also

“I’m not going to tolerate this”: Alan Kyerematen condemns violence during NPP Super Delegates Congress

The Minority, in response, expressed its disappointment with the police’s move to secure an injunction from the High Court.

Minority indicates resolve

During an address, Deputy Minority Leader Emmanuel Armah-Kofi Buah accused the police of trying to obstruct the protest.

But he assured the public of the Minority’s resolve to carry out its protest against the central bank.

“…we want to assure the people of Ghana that we have resolved to embark on this protest and nothing will stop us,” Buah said.

The Minority planned to converge in front of the 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.

Among the Minority's motivations for the protest are the GH¢60.8 billion in losses by the BoG and what it has termed as the illegal printing of about GH¢80 billion, between 2021 and 2022 by the Bank of Ghana.

Read also

"Allow registration to be more decentralised": NDC threatens legal action against EC

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 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.

Read also

Catholic Bishops warn against ECOWAS's plan to invade Niger with military force

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