I won’t resign — BoG Governor replies NDC

I won’t resign — BoG Governor replies NDC

Dr Ernest Addison says he will not bow to pressure and step down as the Governor of the Bank of Ghana (BoG).

He described the calls for his resignation and subsequent protest by the main opposition National Democratic Congress (NDC) and the Minority caucus in Parliament as “completely unnecessary”.

“The Minority in parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans,” Dr. Addison told Central Banking, an international business news website in an interview.

During the conversation, the Bank of Ghana governor dispelled the NDC accusation that he printed money to finance the lavish lifestyle of the Akufo-Addo-led administration.

He explained that the central bank provided monetary financing during 2020 and 2022, to meet specific crises which he says is legal under the central bank law.

The Bank of Ghana announced losses totaling GHC60.81 billion for the fiscal year 2022, compared to a profit of GHC1.23 billion in 2021.

The losses were caused, among other things, by the government’s domestic debt restructuring measures and the cedi’s depreciation.

“The impairment of the bank’s holdings of debt which led to the losses was a conditionality for the IMF programme. Nobody at the Bank of Ghana forgave any debt,” Dr. Addison explained.

The Bank is putting up a new head office building at Ridge allegedly costing $250.

Dr. Addison justified the construction of the new building, explaining that the central bank made such a decision in 2019.

He said at the time, the bank “was profitable and appropriated some of its profits for the new headquarters,”

“It was not a decision taken during a crisis,” he added.

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