NDC Wades Into Bank Of Ghana Insolvency: Opposition Party Describes Governor Ernest Addison As A Criminal

• NDC has called on Bank of Ghana Governor Dr Ernest Addison to resign immediately for his part in the losses at the central bank last year
• Minority Leader Cassiel Ato Forson spoke on behalf of the opposition party during the Moment of Truth series on Tuesday, August 8
• The NDC described the BoG Governor, President Nana Akufo-Addo, Vice President Dr Mahamudu Bawumia and Finance Minister Ken Ofori-Atta as criminals

The opposition NDC has blamed the Bank of Ghana's current financial challenges on four top members of the current administration.

During the NDC's Moment of Truth series held on Tuesday, August 8, 2023, the party 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 financial challenges, particularly losses recorded in 2022, on the Governor, President Nana Akufo-Addo, vice president Dr Mahamudu Bawumia and finance minister Ken Ofori-Atta.

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The four have been described as the "criminal money printing quadrant".

"The Criminal Quadrant has printed over GH¢80 billion between 2021 to 2022, GH¢40 billion of which has been written off as bad debt. This has led to hyper-inflation which has pushed over 850,000 into poverty," an infographic shared with journalists from the forum read.

BoG Governor must resign or we demonstrate

However, while addressing journalists at the forum, Dr Ato Forson focused on Dr Addison and his deputies and called on them to resign.

He said the NDC is prepared to march to the premises of BoG to drag Dr Addison and his deputies out of office if they don't resign within 21 days.

“We are resolved to embark on popular action to occupy the Central Bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and save the Bank of Ghana. The March to Ensure Accountability will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated. Dr Ernest Addisson must go!" he stressed.

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Central Bank posts losses due to 2022 Domestic Debt Exchange Programme

The Bank of Ghana 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.

BoG governor Dr Ernest Addison 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 gov't again

Meanwhile, YEN.com.gh has reported that the Bank of Ghana has announced that it 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 Bank of Ghana 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