NDC TO STORM BoG TO CHASE OUT GOVERNOR

Report by Nana POKU
The Minority Members of Parliament are threatening to besiege the Bank of Ghana within 21 days to
chase out the Governor of the Central Bank.
Led by their leader Hon Dr. Ato Forson, the Minority has asked the Governor of the Central Bank to
resign from office or face an action.
Reading a press statement in Accra yesterday, Hon Ato Forson gave the Governor a 21-day ultimatum to
leave office or be forced out.
According to him all the minority members of Parliament, some NDC adherents and executives will mount
a siege at the premises of the bank until the governor leaves office.
Assigning reasons, he enumerated a catalogue of breaches and wrongs the governor has incurred from
2022 to date that warrants his ouster.
They alleged that for instance the bank embarked on illegal printing of several billions Ghana cedis to
support the government, engaged in reckless and inexplicable administrative and capital expenses,
astronomical salary increases, construction of new head office building at Ridge at a cost of 250m dollars
in the midst of its current financial crises.
Hon Atto Forson alleged that the governor together with the Finance Minister printed 45 billion Ghana
cedis to support the economy in 2022 alone instead of 5 billion Ghana cedis permitted by the Central
Bank Act.
He said that again the bank incurred 60.8 billion Ghana cedis ($6 billion) loss through printing and
frivilous spending by the Governor and the government.
This information came out of a recent audit report of the Central Bank. Ironically, the bank has declared
48billion Ghana cedis as a bad debt instead of government paying for it.
He indicated that as of now, the central bank is bankrupt to the tune of 51.3 billion Ghana cedis resulting
in depletion of the reserves.
He intimated that if this has befallen the central bank which is the last resort for our monetary and fiscal
policy, then the whole country is in dire consequence.
He called on the Governor to resign honourably to serve as precedent for subsequent ones who may
avoid such huge flaws.
The lawmaker who is also the Minority Ranking Member on Finance told the Press that the NDC before
leaving office posted a surplus of 700m Ghana cedis and did not print one cedi to support the economy.
He indicated that the unbridled printing of local currency culminated in the spiral escalation of inflation in
the country bringing in its wake rapid upsurge of prices of goods and services.
The Minority Leader spanked the Finance Minister and the government of Nana Addo for this catastrophic
situation in the country. He feared that if the current Governor is not kicked out, his actions will sink the
country and the masses will unduly suffer.