Bank Of Ghana Governor Under Fire: NDC MPs To Storm Central Bank In Protest On September 5

The National Democratic Congress MPs in Parliament will march to the Bank Of Ghana office in protest on September 5, 2023

NDC MPs are pushing for the resignation of the central bank's leadership over allegations of mismanagement

Some Civil Society Groups are expected to join the NDC MPs on thier protest march, which will start at Parliament House

The NDC Minority in Parliament plans to demonstrate at the Bank of Ghana Headquarters in a bid to pile pressure on its governor and deputy governors to resign following allegations of mismanagement.

It has written to the Greater Accra Regional Police serving notice of its plans to protest.

Read also

Bank of Ghana speaks on new office controversy, rejects accusations of procurement infractions in $250 million project

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.

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.

Among the Minority's concerns 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.

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.

Read also

Dormaahene tells Akufo-Addo to stop BoG's $250 million building project: Not in this crisis

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.

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