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The Minority caucus in Parliament has formally notified the Ghana Police Service about its plan to stage a protest demanding the resignation of the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, and his two deputies. This demand also extends to the members of the BoG’s board.
In a letter penned by the Member of Parliament for Bawku Central, Mahama Ayariga, addressed to the Greater Accra Regional Police Command, the Minority expressed their grievances and outlined the specifics of the planned demonstration. The protest is scheduled to occur on Tuesday, July 30, 2024, from 8 a.m. to 6 p.m. in Accra.
The demonstration will commence at Obra Spot at Kwame Nkrumah Circle, proceed through Adabraka to Kingsway, and conclude at the Bank of Ghana headquarters.
The Minority’s protest is rooted in concerns about the ongoing construction of the BoG’s new head office at North Ridge. They accuse the Governor and the board of engaging in wasteful spending, citing the ballooning cost of the new head office building from an initial estimate of $81,882,640 to over $270 million. Additionally, they highlight the construction of a new residence for the Governor, allegedly costing $40 million, with requests for cost disclosure going unanswered.
The caucus staged a similar protest on October 3, 2023, following the Bank’s report of a GH¢60.81 billion loss for the 2022 fiscal year. They accused Governor Addison of illegally printing money for the government without parliamentary approval and writing off about GH¢48.4 billion of government debt. They further claimed the bank has become insolvent, supported by the BoG’s request for recapitalization from the Central Government.
Below is the complete letter from the Minority caucus:
The Minority caucus in Parliament has notified the Ghana Police Service of its intention to protest to demand the resignation of the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison and his two deputies from office.
A letter written by the Member of Parliament for Bawku Central, Mahama Ayariga, to the Greater Accra Regional Police command, is also demanding the resignation of the members of the board of the Bank of Ghana.
According to the letter, the protest will take place on Tuesday, July 30, 2024, “between the hours of 8 am to 6 pm in Accra in the Greater Accra Region.”
The protesters will begin at Obra Spot at Kwame Nkrumah Circle, march through Adabraka to Kingsway and terminate at the frontage of the Bank of Ghana headquarters.
The Minority is raising concerns about the ongoing construction of the BoG’s new head office at North Ridge.
“The Governor of the Central Bank and his board continue to engage in wasteful spending on the new Bank of Ghana Corporate head office building and refuse to answer questions on the latest cost of the building which, we are told, has now further escalated to over Two Hundred and Seventy Million United States Dollars (USD$270 million) from its original estimated cost of USD81,882,640.00.
“The Governor again has embarked on the construction of a new house for the Governor himself at a speculated cost of Forty Million United States Dollars (USD$40million) and has refused to disclose to us the actual cost when the Minority wrote to him requesting the information on the cost of the Governor’s house under construction.”
Members of the caucus staged a similar protest on October 3, 2023, after the Bank recorded a GH¢60.81 billion loss in the 2022 fiscal year.
“Governor Addison has acted illegally in printing money for government without recourse to Parliament and similarly wrote off about GH¢48.4 billion of government debt. After the BoG recorded a colossal loss of over GH¢60.8 billion and negative equity of over GH¢55 billion we concluded that the bank has become insolvent. This is now confirmed by the BoG request for recapitalisation by Central Government,” the Minority’s letter added.
