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“NDC Calls for BoG Governor and Deputies to Step Down”

The National Democratic Congress (NDC) has demanded that the Governor of the Bank of Ghana and his deputies step down, accusing them of mismanagement of the Central Bank. The NDC claims that the Central Bank’s leadership has caused economic hardship and financial distress for the people of Ghana. Dr. Cassiel Ato Forson, the Minority Leader in Parliament, criticized the BoG’s leadership for the Bank’s GH¢60 billion loss in 2022. The NDC calls for the Governor’s resignation within 21 days and threatens to initiate popular action to occupy the Central Bank if their demands are not met. Dr. Forson also accuses the BoG of illegally writing off GHS 48.4 billion of the Ghana Government’s debt to the Central Bank without parliamentary approval.

The Bank of Ghana has defended its decision to take a 50% reduction on the government’s debt, stating that it helped prevent an economic collapse and sent a positive signal to external partners. The BoG suffered a loss of GHS 55.12 billion in 2022, largely due to the government’s Domestic Exchange Programme (DDEP), which involved a 50% reduction on non-marketable holdings of government instruments. Revaluation losses on foreign assets and liabilities due to exchange rate depreciation also contributed to a total loss of GHS 55.12 billion equity in 2022.

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