Flagbearer of the main opposition National Democratic Congress (NDC). John Dramani Mahama, has harshly criticized the Bank of Ghana, Dr. Ernest Addison for what he describes as mismanagement of the central bank.

According to the former President, Dr. Addison is hiding behind the Domestic Debt Exchange Programme (DDEP) to cover up for his incompetence.

The Bank of Ghana in a statement on Wednesday, August 9, 2023, indicated that the government’s domestic debt restructuring program, both the first and second stages, were directly responsible for GH53.1 billion out of the GHC60 billion losses it announced in its 2022 financial results.

The statement noted that the domestic debt exchange (DDE), a key component of the corrective action necessary for the International Monetary Fund (IMF) programme, did not meet the needed target.

“The Bank of Ghana was used to close the gap to enable Ghana to meet the debt threshold that qualified Ghana for the IMF programme,” the statement explained.

However, former President John Mahama holds the assertion that the justification for the GHC60 billion loss was manufactured.

Mr. Mahama accused the Finance Minister of damaging the economy and using Covid-19 and Ukraine/Russia war as cover-ups while the governor of the BoG is also using the DDE after destroying the Central Bank.

Meanwhile, the Minority in Parliament has called for the immediate resignation of the Governor of the Bank of Ghana, Dr Ernest Addison, and his deputies over the GHC60  billion loss.

This call was made by the Minority Leader, Dr. Cassiel Ato Forson, during the NDC’s “Moment of Truth” speech on August 8 at the party’s headquarters.

“We call for the immediate resignation of the Governor of the Central Bank and his deputies within 21 days from today,” Ato Forson said.