The Finance Minister, Ken Ofori-Atta, has asked the people of Ghana to support the construction of a head office for the Bank of Ghana (BoG).
He said that the central bank needs to update its operations and get a proper office because the country is home to the headquarters of the African Continental Free Trade Area (AfCFTA) and wants to become the financial services hub of the continent.
According to a statement released on Thursday, September 14, he argued that “with respect to the BoG’s new headquarters, the evidence is clear that decisions to build had already been made long before these ‘losses’ occurred.”
“It is important for us to support such a critical institution to modernise its operations and have a befitting office space for a country that hosts the AfCFTA and has the vision to become the financial services hub of the continent.”
Mr. Ofori-Atta also argued that the Central Bank Governor should remain in office despite the Minority’s call for his removal or resignation in the wake of the bank’s losses in 2022. Dr. Ernest Addison, in his opinion, is a hardworking citizen who does his part to advance the country.
“Governor Addison is a competent professional of quiet courage. In these nearly seven years, we have worked together to ensure: the inviolability of the banking system; the establishment of the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana; the raising of over $10 billion in the Eurobond market and AfriExim Bank.”
“He brought inflation down to single digits of 7.9% for the first time and managed an impressive period of currency stability in our country, including the implementation of the Gold-for-Oil programme. It is either simply the height of irony or a sad reflection of the state of public discourse in our country that this man steps up in a period of unprecedented global economic meltdown and domestic economic crises, and he is being pilloried for his good work.”
Dr. Cassiel Ato Forson, the Minority Leader, questioned Dr. Ernest Addison’s decision to spend $250 million on a new central bank headquarters during a time when the bank was experiencing financial difficulties.
He alleged that the BoG governor was printing money to fund the project. “The Bank of Ghana does not have money but is spending $250 million for a new head office, which means he is printing additional money to finance this project,” Dr. Forson said.
On Monday, August 8th, Minority Leader Dr. Forson made an announcement at a press conference that the NDC would mobilise concerned Ghanaians to occupy the Central Bank if Dr. Addison and his deputies did not resign.