{"id":130344,"date":"2023-12-12T17:20:20","date_gmt":"2023-12-12T17:20:20","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/12\/minority-requests-bog-governors-presence-to-submit-petition-for-his-removal\/"},"modified":"2023-12-12T17:20:20","modified_gmt":"2023-12-12T17:20:20","slug":"minority-requests-bog-governors-presence-to-submit-petition-for-his-removal","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/12\/minority-requests-bog-governors-presence-to-submit-petition-for-his-removal\/","title":{"rendered":"Minority requests BoG Governor\u2019s presence to submit petition for his removal \u2013"},"content":{"rendered":"

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The Minority Caucus in Parliament has made a formal request to the\u00a0Bank of Ghana\u00a0Governor, Dr.\u00a0Ernest Addison, to provide a designated time to allow them present their petition which seeks to demand his removal, as well as those of his two deputies from office.<\/p>\n

The move comes on the back of the caucus\u2019 widely attended demonstration in October 2023, with a call on the governor to resign from office over what they say is gross monetary mismanagement of the Ghanaian economy.<\/p>\n

But their attempt failed as the BoG governor was not present to receive the petition, but rather delegated the Banks\u2019 head of security to receive the petition.<\/p>\n

In a statement issued and signed by the Minority Leader in Parliament, Dr\u00a0Cassiel Ato Forson, he noted that, \u201cWe, therefore, write to request your availability at the premises of the\u00a0Bank of Ghana\u00a0head office for the Honourable Members of the Minority Caucus in Parliament to hand over our petition to you personally.<\/p>\n

\u201cKindly inform us by Monday, 18th December 2023, a date and time convenient to you for us to present our petition to you at the\u00a0Bank of Ghana\u00a0head office,\u201d it added.<\/p>\n

Read the full statement below<\/strong><\/p>\n

On 3rd October 2023, Honourable Members of the Minority Caucus in Parliament, backed by some civil society groups and hundreds of thousands of Ghanaians, peacefully marched to the precincts of the\u00a0Bank of Ghana\u00a0head office to demand your resignation as Governor of the central bank.<\/em><\/p>\n

We also demanded that your two Deputy Governors and the entire board of the\u00a0Bank of Ghana\u00a0resign from their posts.<\/p>\n

Before the protest march, we had made it abundantly clear to the people of Ghana that handing over our petition to you personally was also a part of our demands. But you failed to show up at the terminating point of our protest march to receive our petition.<\/p>\n

Subsequently, we informed you through the news media that we shall come back to present our petition for your resignation and that of your deputies to you personally.<\/p>\n

We therefore write to request your availability at the premises of the\u00a0Bank of Ghana\u00a0head office for the Honourable Members of the Minority Caucus in Parliament to hand over our petition to you personally. Kindly inform us by Monday, 18th December 2023, a date and time convenient to you for us to present our petition to you at the\u00a0Bank of Ghana\u00a0head office.<\/p>\n

To refresh your memory, our reasons for demanding that you resign from your post include the following:
1. You have failed woefully to use monetary policy to check inflation in the country which at one point stood at over 50%. You have equally failed to check the depreciation of the Ghana Cedi.<\/p>\n

2, You have supervised the collapse of the financial sector of the country resulting in all banks posting colossal losses In 2022. Interest rates hikes have made Ghana unattractive for businesses to spend and create jobs. Many businesses have collapsed.<\/p>\n

You have horribly mismanaged the\u00a0Bank of Ghana\u00a0and the annual financial statement of the\u00a0Bank of Ghana\u00a0for 2020\u2033 revealed that the BoG lost a colossal sum of GHS60.8 billion and has negative equity of GHS55.1 billion,<\/p>\n

4, As a result of your mismanagement of the\u00a0Bank of Ghana, the Bank cannot in the medium term be relied upon to carry out its role as banker of last resort for government and the banking sector, prompting the Finance Minister to request Parliament to approve a sum of $750 million to support the ailing banks.<\/p>\n

5. Your unprecedented mismanagement of the central bank has resulted in the insolvency of the\u00a0Bank of Ghana\u00a0itself and this became obvious in your own annual financial statement.<\/p>\n

6. There is evidence of wanton dissipation of the\u00a0Bank of Ghana\u2019s resources through a series of wasteful and extravagant procurements, including the contract for the construction of the new\u00a0Bank of Ghana\u00a0Head Office building at Ridge in Accra.<\/p>\n

7. Contrary to the\u00a0Bank of Ghana\u00a0(Amendment) Act, 2016 (Act 918), you illegally and excessively printed the sum of GHS80 billion (evidenced by paragraph 2 of the Memorandum of Economic and Financial Policy) which caused the depletion of Ghana\u2019s external reserves of $6.3 billion, and resulted in the unprecedented depreciation of the Cedi as it fell from GHS6\/$1 to over GHS15\/$1 while inflation rose to hyper levels of 54.1% in 2022; and<\/p>\n

8. Following your ineptitude and unprecedented mismanagement of the\u00a0Bank of Ghana, you have pushed over one million Ghanaians into extreme poverty and must be thus held accountable.<\/p>\n

For these reasons, we continue to call on you, your deputies and your entire board to resign to enable the President to appoint a new leadership at the central bank to undertake the needed restructuring of our financial sector to resuscitate the country\u2019s finances.<\/p>\n

We hope to hear from you by 18th December 2023 regarding your availability at the\u00a0Bank of Ghana\u00a0premises to personally receive our petition.<\/p>\n

Thank you.<\/p>\n

MA\/AE<\/p>\n

Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The Minority Caucus in Parliament has made a formal request to the\u00a0Bank of Ghana\u00a0Governor, Dr.\u00a0Ernest Addison, to provide a designated time to allow them present their petition which seeks to demand his removal, as well as those of his two deputies from office. 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