Dr
Ernest
Addison
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Bawku
Central
Lawmaker
Mahama
Ayariga
has
written
to
the
Police
to
officially
inform
them
about
a
planned
demonstration
against
the
Governor
of
the
Bank
of
Ghana.
In
the
letter
to
the
Police,
Mr.
Ayariga
said
that
the
protest
march
is
to
continue
to
demand
the
resignation
of
the
Governor
of
the
Bank
of
Ghana,
Dr
Earnest
Addison,
and
his
deputies
and
the
members
of
the
board
of
the
Bank
of
Ghana.
The
demonstration
and
protest
march
will
take
place
on
Tuesday
30th
of
July
2024
between
the
hours
of
8am
to
6pm
in
Accra
in
the
Greater
Accra
Region,
the
letter
said.
Protesters
will
march
from
Obro
Spot
through
Adabraka
to
Farisco/KingswayThe
protesters
will
march
by
Rawlings
Park
in
front
of
Makola
to
Central
Post
Office
and
Terminate
at
the
frontage
of
Bank
of
Ghana
headquarters
“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.
“The
Governor
and
his
team
continue
wasteful
capital
expenditure
on
projects
across
the
country
in
spite
of
the
fact
of
the
insolvency
of
the
bank,
something
that
remains
unprecedented
in
the
history
of
Ghana.
The
Governor
and
his
team
have
caused
the
bank
to
be
insolvent
and
thus
incapable
of
performing
its
role
as
a
banker
of
last
resort.
Admitting
that
the
BoG
is
now
insolvent,
the
Governor
has
requested
the
Government
of
Ghana
to
recapitalize
it
and
this
can
only
be
done
through
additional
borrowing
or
taxation.
He
now
seeks
to
burden
the
ordinary
Ghanaian
with
his
incompetence,
maladministration,
wastefulness,
and
corruption
without
being
held
accountable,”
the
letter
further
stated.
Ayariga
also
stated
that
Governor
Addison
and
his
team
supervised
the
collapse
of
the
banking
sector
resulting
in
the
closure
of
banks
and
aggravated
the
worsening
unemployment
situation.
“The
existing
banks
have
suffered
capital
impairment
and
so
our
domestic
indigenous
banks
are
not
able
to
lend
to
the
private
sector
to
sustain
industry
and
employment.
Many
companies
are
folding
up
due
to
the
reckless
and
illegal
conducts
of
the
present
BoG
management.
“The
Governor
printed
and
injected
into
the
economy
over
Eighty
Billion
Ghana
Cedis
(Ghc80billion)
and
this
caused
inflation
which
went,
at
one
point,
to
as
high
as
above
50%
and
eroded
the
purchasing
power
of
most
workers
and
pushed
over
one
million
Ghanaians
into
extreme
poverty.
Inflation
remains
a
major
problem
due
to
the
incompetence
of
Governor
Addison
and
his
team.
Governor
Addison
has
acted
illegally
in
printing
money
for
government
without
recourse
to
Parliament
and
similarly
wrote
off
about
Ghc48.4
billion
of
government
debt.
After
the
BoG
recorded
a
colossal
loss
of
over
Ghc60.8
billion
and
negative
equity
of
over
Ghc55
billion
we
concluded
that
the
bank
has
become
insolvent.
This
is
now
confirmed
by
the
BOG
request
for
recapitalization
by
Central
Government.”
