Dr. Ernest Addison is Governor of the Bank of Ghana
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AriseGhana, a political pressure group, has declared its intentions to join the Minority in Parliament to picket the premises of the Bank of Ghana to get the governor and his deputies out for mismanaging the bank.

In a statement issued Monday, August 21, 2023, the group says the Ernest Addison-led Board and the management have taken the central bank to a state which is the worst in the country’s history, the reason they have decided to join forces with the Minority.

“After painstakingly studying the damning revelations contained in the 2022 Report and financial statements of the Bank of Ghana, we have concluded that the Central Bank is in unprecedented mess it presently finds itself because of crass mismanagement by the Addison-led Board and management,” part of their statement noted.

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According to the statement signed by the group’s convenor, Rex Omar,”we hold the view that the illegal printing of money by BOG in the year 2021 and 2022 to the tune of GHS77 billion to finance the recklessness of the corrupt Akufo-Addo/Bawumia/NPP government, in flagrant disregard of section 30 of the BOG Act (as amended) is the height of irresponsibility and must be condemned by all well-meaning Ghanaians.”

“Even more bizarre and condemnable, is the illegal writing of about GHS32 billion of this amount without recourse to Parliament in breach of section 53 of the Public Financial Management Act.

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“In fact, these irresponsible and criminal acts of the BOG Governor, ably supported by his deputies and useless Board of Directors, is what has plunged the once profitable BOG bank into unprecedented losses to the tune of GHS60.8 billion and a negative equity of GHS55.1 billion in 2022 alone.

“It is sad to note, that despite the huge sums of monies (over GHS77 billion) that BOG has illegally printed for the corrupt Akufo-Addo/Bawumia/NPP government, the vast majority of suffering Ghanaians have not seen any improvements in their livelihoods. As a matter of fact, due to this singular reckless act of BOG, the rate of inflation continues to soar and currently stands at 43.1% thereby depleting the purchasing power of the ordinary Ghanaians who have not seen any commensurate improvement in their disposable incomes,” Arise Ghana further explained.

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