- Minority caucus protests Bank of Ghana's Governor and deputies on July 30.
- Protest against new head office construction and Governor's house.
- Allegations of illegal actions, including printing money without Parliament's approval.
- Previous protest in October 2023 over Bank of Ghana's massive losses.
The Minority caucus in Parliament has formally notified the Ghana Police Service of its intention to stage a protest on July 30, 2024, to demand the resignation of the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, and his two deputies.
The protest, scheduled to take place in Accra, will also call for the resignation of the members of the BoG’s board. The Minority is protesting the ongoing construction of the BoG’s new head office at North Ridge, which they deem a wasteful expenditure.
According to the letter written by Mahama Ayariga, MP for Bawku Central, the protest will begin at Obra Spot at Kwame Nkrumah Circle, march through Adabraka to Kingsway, and terminate at the frontage of the BoG headquarters.
The Minority is concerned about the escalating cost of the new BoG Corporate head office building, which has risen from USD81,882,640 to over USD270 million. They are also questioning the construction of a new house for the Governor at a speculated cost of USD40 million.
The Minority had previously written to the Governor requesting information on the cost of the Governor’s house, but received no response. This lack of transparency has fueled their suspicions of wrongdoing.
The BoG’s financial woes are also a major concern for the Minority. In 2022, the bank recorded a GH¢60.81 billion loss, and the Minority believes the bank has become insolvent. They point to the BoG’s request for recapitalization by the Central Government as evidence of this insolvency.
The Minority is further alleging that Governor Addison has acted illegally by printing money for the government without recourse to Parliament and writing off GH¢48.4 billion of government debt. This is not the first time the Minority has protested against the BoG’s actions. On October 3, 2023, they staged a similar protest following the bank’s massive losses in 2022.
The Minority’s letter to the Police Service emphasizes their commitment to peaceful protest and their expectation that the Police will provide the necessary security to ensure the safety of all participants. The protest on July 30 promises to be a significant event, with the Minority determined to hold the BoG accountable for its actions and push for reforms in the banking sector.
