Resign – Adongo to BoG Governor over economic crisis

Member of Parliament for Bolgatanga Central, Isaac Adongo, has called for the resignation of the Governor of the Bank of Ghana, Dr Ernest Addison.

According to him, some policy decision taken by Dr Ernest Addison has had dire consequences on the local economy.

He cited high inflation, depreciation of the cedi, increase in transport fares, goods and services, and price hikes in petroleum products, among others as some factors crippling the local economy.

“How can Dr. Addison still be the Governor of the Central Bank? I call on Dr. Addison as a matter of urgency to exit that office and give Ghana the chance to clear the mess that he has created…Dr Addison must be sacked. Otherwise, he must have the conscience to resign as the Governor of the Central Bank,” Isaac Adongo stated.

Addressing journalists in parliament on Tuesday, November 8, 2022, the Deputy Ranking Member of Parliament Finance Committee, Isaac Adongo said, "we will evoke the exercise of the oversight responsibilities of parliament on BoG to deal with the governor for failing to manage Ghana’s monetary space."

Ghana's inflation, as of September 2022 stands at 37.2 per cent.

Prior to the announcement of the September 2022 inflation, the Bank of Ghana adjusted upwards the policy rate to 24.5% to fight inflation.

According to the data, food inflation for the month of September was 37.8% with non-food inflation at 36.8%.

The cedi on the other hand is buying at GH¢13.0114 and selling at GH¢13.0244 against the US dollar.

ESA/FNOQ