Martin Kpebu, a private legal practitioner , has joined the chorus of those demanding that Bank of Ghana (BoG) Governor Dr. Ernest Addison and his deputies step down from their positions.
In light of the perceived mess they’ve created as central bank managers, Mr. Kpebu argues the three should resign immediately. His argument is that they share equal responsibility for the country’s financial woes.
On Saturday, August 12, the private legal practitioner known for his activism spoke on JoyNews’ Newsfile and said the three must resign.
“The Bank of Ghana Governor and his two deputies should resign because they are co-architects of this economic hardship we are facing… The time they were printing ¢35 billion for the government in 2021, didn’t they know it will have repercussions? The time they printed ¢45 billion, didn’t they know it will have consequences? So, the IMF shouldn’t be the one talking to us,” he said.
Dr. Ernest Addison, Governor of the Bank of Ghana, and his deputies continue to face calls for their resignation from the minority in parliament. Last week, Minority Leader Dr. Ato Forson asked that Dr. Addison resign because of the GH60 billion deficit in 2022.
The Minority Leader does not believe the Central Bank’s explanation that the loss was caused by the depreciation of the cedi, the DDEP, and COCOBOD loans. Dr. Forson further said that excessive printing of money by the bank was to blame for the country’s dwindling foreign currency reserves.
But the IMF has come to the aid of the Bank of Ghana, saying that the regulator’s current financial situation will not impact monetary policy operations. This information was included in the IMF’s latest report on Ghana’s programme with the Fund.
The IMF has stated that despite the Bank of Ghana’s difficult financial situation, the central bank will carry out its policy mandate and work to bring inflation back to its 8% target. According to the IMF, the revenue of the Central Bank is anticipated to be sufficient to fund the expenses associated with the implementation of the Monetary Policy. It also said that the BoG’s net equity is likely to get much better over time and go back to being positive at some point.
