Ghana’s Minority in Parliament thinks the Economic Management Team has rather mismanaged the economy through fiscal indiscipline led by Vice President Dr. Mahamudu Bawumia and a couple of others.
The Finance Minister Ken Ofori-Atta and Bank of Ghana governor, Ernest Addison, according to the Minority, have conspired to collapse the Central Bank of the Republic, hence, the “reckless, lazy and criminal path of printing money.”
Minority Leader Dr. Cassiel Ato Forson at the NDC’s ‘Moment of Truth’ series Tuesday, August 8, 2023, noted that Ghana’s current fiscal position is a grand conspiracy to collapse the Bank of Ghana.
“Fellow countrymen and women, after the inept and clueless Finance Minister over-borrowed and got Ghana locked out of the capital market due to our unsustainable debt obligations, the NPP government chose the easy, reckless, lazy and criminal path of printing money.
“This is how the Governor of the Central Bank, Dr. Ernest Addison who is now known as the “Printer of Money”, conspired with members of the Economic mismanagement Team led by the failed Alhaji Mahamudu Bawumia and the inept Finance Minister Ken Ofori-Atta aka “One Problem, One Bond”, to destroy Ghana’s Central Bank,” he stated.
He continued that after the Central Bank’s “dastardly act of over-lending to the government, they then proceeded to do the unthinkable – to write-off a whooping GHC 48.4 billion, about half of Ghana Government’s indebtedness to the Central Bank, without parliamentary approval. This is illegal and criminal and the NDC Members of Parliament will not allow this to pass.
Meanwhile, the Minority has also given the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, 21-day ultimatum to resign with his deputies or face their wrath.
They say the Central Bank’s self-inflicted crises has placed it on the brink of collapse due to the poor management of the economy by the Akufo-Addo-Bawumia government.
Their call come on the back of the GHS60.8 billion loss incurred by the BoG as stated in its 2022 annual report.
Even though the BoG says the loss came as a result of government’s Domestic Debt Exchange Programme (DDEP), the Minority says otherwise.
According to the NDC Members of Parliament, the central bank cannot blame the loss on the debt exchange programme as they are putting up for a defense.
“Those who have by their reckless and criminal conduct unleashed economic hardship and financial distress on the suffering people of Ghana must be held to account. Impunity of the highest order can no longer be tolerated by the suffering masses of Ghanaians. We must not allow dangerous precedents to be set for future leaders.
“In this regard, we call for the resignation of the Governor of the Central Bank and his deputies within 21 days from today. 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! There has to be an end to impunity and it is NOW!” portions of the statement read by MP indicated.