Minority notifies police on intended demonstration against BoG governor, deputies

The Minority in Parliament has announced to the Ghana Police Service their intent to stage a demonstration on September 5, 2023, jointly organised with some Civil Society Organizations (CSO).

The demonstration will be organised together with Progressive Forces, and other concerned citizens, against the Bank of Ghana's (BoG) Governor, Dr. Ernest Addison, and his deputies.

The demonstration, according to them, is a response to the alleged unlawful printing of over GH¢80 billion by the central bank for the Akufo-Addo government, leading to economic repercussions.

In a statement signed by the leader of the minority, Dr Cassiel Ato Forson, addressed to the Greater Accra Regional Police Command, the caucus invoked the Public Order Act 1994 (Act 491) to notify authorities of the upcoming protest.

“We write in line with sections, 1 2 &3 of the Public Order Act 1994 (Act 491), to notify you of an impending public protest to be embarked upon 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 revulsion against the illegal printing of money (about GH¢ 80 billion) between 2021 and 2022 by BOG for the corrupt Akufo-Addo/Bawumia/NPP government which led to a hyper-inflation rate of 54.1% in December 2022,” part of the letter read.

The Minority caucus alleged that the BoG's actions have directly impacted the welfare of Ghanaians, pushing about 850,000 citizens into poverty in 2022 alone.

“This singular act of BOG has negatively impacted livelihoods and businesses and pushed about 850,000 Ghanaians into poverty in the year 2022 alone.

“As representatives of the Ghanaian people, the Minority in Parliament is totally disgusted by the crass mismanagement and reckless mishandling of the affairs of the Bank of Ghana, which resulted in a gargantuan loss of GHC60.8 billion and a negative equity of GHCS5.1 billion in 2022, with its attendant hardships on Ghanaians,” the statement added.

However, the Governor of the Bank of Ghana, Dr. Ernest Addison, responded to these allegations in a press conference on August 21, 2023, where he explained that the central bank provided financial support to the government in 2020 and 2022 during the COVID-19 pandemic and after investors in the capital market declined to lend to the government.

Dr. Addison stressed that the BoG adhered to the legal limit of financing government expenditure, as stipulated by the BoG Act.

He clarified that strict measures were followed, including a Memorandum of Understanding with the Ministry of Finance, to restrict central bank financing.

“It is not true that the Bank of Ghana has been providing financing for the government every year. There has been zero financing in 2017, 2018, 2019 and 2021. The Bank of Ghana has only had to support in the pandemic year of 2020, and in the crisis year of 2022,” he stressed.

Below is the full statement by the minority:

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