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On Tuesday, September 5, the minority in parliament will organize a protest against Dr. Ernest Addison, governor of the Bank of Ghana, and his two deputies.
Collaboration with Civil Society Organizations, Progressive Forces, and other well-intentioned Ghanaians will be used to carry it out.
This is according to a letter dated Monday, August 21 from the Minority Leader, Dr Cassiel Ato Forson, to the Greater Accra Regional Police Command.
According to the caucus, the action is predicated on the central bank's illicit printing of over GH80 billion for the Akufo-Addo administration.
"We write in accordance with Sections 1&2&3 of the Public Order Act 1994 (Act 491), to inform you of an impending public protest by the Minority in Parliament in collaboration with Civil Society Organizations, Progressive Forces, and other well-meaning Ghanaians."
"The purpose of this protest is to express our resentment of the BOG's illegal printing of money (about GH 80 billion) between 2021 and 2022 for the corrupt Akufo-Addo/Bawumia/NPP government, which resulted in a hyper-inflation rate of 54.1% in December 2022," parts from the letter stated.
According to them, the BoG's actions have pushed around 850,000 Ghanaians into poverty.
"This singular act of BOG has had a negative impact on livelihoods and businesses, pushing approximately 850,000 Ghanaians into poverty in 2022 alone."
"As representatives of the Ghanaian people, the Minority in Parliament is completely disgusted by the Bank of Ghana's crass mismanagement and reckless mishandling of its affairs, which resulted in a gargantuan loss of GHC60.8 billion and a negative equity of GHCS5.1 billion in 2022, with attendant hardships on Ghanaians," the statement continued.
Meanwhile, Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has indicated that the central bank did not provide funds for the government until 2020 and 2022, during the COVID19 Pandemic and after investors in the capital market stopped lending to the government.
According to him, the central bank scrupulously adhered to the zero funding of government expenditure until last year's economic challenges.
Dr. Addison stated at a press conference on Monday, August 21, that the financing of government measures last year was done with previous consultation with the International Monetary Fund (IMF).
"It is not true that the Bank of Ghana has provided government financing every year." In 2017, 2018, 2019, and 2021, there was no funding. "The Bank of Ghana has only had to provide assistance in the pandemic year of 2020 and the crisis year of 2022," he emphasized.
He emphasized that the BoG Act, as revised, limits government financing to 5% of the preceding year's tax collection.
"This statutory provision has been followed since I took office in April 2017, between 2017 and 2019." In addition to the Act's requirement, the bank signed a Memorandum of Understanding with the Ministry of Finance to impose the even stricter limitation of zero Central Bank financing, which was scrupulously followed even though the MOU's were not legally obligatory."
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