Minority Announces Planned Demonstration Against Bank of Ghana

The Minority in Parliament has officially informed the Ghana Police Service of their intention to stage a demonstration on September 5, 2023. This demonstration, organized in collaboration with Civil Society Organizations (CSOs), Progressive Forces, and concerned citizens, will target the leadership of the Bank of Ghana (BoG), including Dr. Ernest Addison, the BoG Governor, and his deputies.

The motive behind this demonstration stems from allegations of the unlawful printing of over GH¢80 billion by the central bank to support the Akufo-Addo government, which the Minority claims has had severe economic repercussions.

In a statement signed by Dr. Cassiel Ato Forson, the leader of the Minority, and addressed to the Greater Accra Regional Police Command, the caucus invoked the Public Order Act 1994 (Act 491) to notify the authorities of their planned protest.

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The statement expressed the purpose of the protest as follows: “The purpose of this protest is to express our revulsion against the illegal printing of money (about GH¢ 80 billion) between 2021 and 2022 by BOG for the corrupt Akufo-Addo/Bawumia/NPP government, which led to a hyper-inflation rate of 54.1% in December 2022.”

The Minority caucus claims that the actions of the BoG have directly impacted the well-being of Ghanaians, pushing approximately 850,000 citizens into poverty in 2022 alone.

In response to these allegations, the Governor of the Bank of Ghana, Dr. Ernest Addison, held a press conference on August 21, 2023. During the conference, he clarified that the central bank provided financial support to the government in 2020 and 2022 during the COVID-19 pandemic and when investors in the capital market declined to lend to the government.

Dr. Addison emphasized that the BoG adhered to the legal limit of financing government expenditure as stipulated by the BoG Act.

He further clarified that strict measures were followed, including a Memorandum of Understanding with the Ministry of Finance, to restrict central bank financing.

Dr. Addison emphasized that the Bank of Ghana had only provided financial support in the pandemic year of 2020 and in the crisis year of 2022, refuting claims of annual government financing.

This ongoing controversy highlights the need for transparency and accountability in financial matters and demonstrates the importance of civic engagement in holding public institutions accountable for their actions.

The planned demonstration on September 5, 2023, is expected to provide a platform for concerned citizens to voice their concerns and seek answers regarding these financial allegations.

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