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0 Bawku Central Lawmaker Mahama Ayariga has written to the Police to officially inform them about a planned demonstration against the Governor of the Bank of Ghana.
In the letter to the Police, Mr. Ayariga said that the protest march is to continue to demand the resignation of the Governor of the Bank of Ghana, Dr Earnest Addison, and his deputies and the members of the board of the Bank of Ghana.
The demonstration and protest march will take place on Tuesday 30th of July 2024 between the hours of 8am to 6pm in Accra in the Greater Accra Region, the letter said.
Protesters will march from Obro Spot through Adabraka to Farisco/KingswayThe protesters will march by Rawlings Park in front of Makola to Central Post Office and Terminate at the frontage of Bank of Ghana headquarters
“The Governor of the Central Bank and his board continue to engage in wasteful spending on the new Bank of Ghana Corporate head office building and refuse to answer questions on the latest cost of the building which, we are told, has now further escalated to over Two Hundred and Seventy Million United States Dollars (USD$270 million) from its original estimated cost of USD81,882,640.00.
“The Governor again has embarked on the construction of a new house for the Governor himself at a speculated cost of Forty Million United States Dollars (USD$40million) and has refused to disclose to us the actual cost when the Minority wrote to him requesting the information on the cost of the Governor’s house under construction.
“The Governor and his team continue wasteful capital expenditure on projects across the country in spite of the fact of the insolvency of the bank, something that remains unprecedented in the history of Ghana. The Governor and his team have caused the bank to be insolvent and thus incapable of performing its role as a banker of last resort.
Admitting that the BoG is now insolvent, the Governor has requested the Government of Ghana to recapitalize it and this can only be done through additional borrowing or taxation. He now seeks to burden the ordinary Ghanaian with his incompetence, maladministration, wastefulness, and corruption without being held accountable,” the letter further stated.
Ayariga also stated that Governor Addison and his team supervised the collapse of the banking sector resulting in the closure of banks and aggravated the worsening unemployment situation.
“The existing banks have suffered capital impairment and so our domestic indigenous banks are not able to lend to the private sector to sustain industry and employment. Many companies are folding up due to the reckless and illegal conducts of the present BoG management.
“The Governor printed and injected into the economy over Eighty Billion Ghana Cedis (Ghc80billion) and this caused inflation which went, at one point, to as high as above 50% and eroded the purchasing power of most workers and pushed over one million Ghanaians into extreme poverty. Inflation remains a major problem due to the incompetence of Governor Addison and his team. Governor Addison has acted illegally in printing money for government without recourse to Parliament and similarly wrote off about Ghc48.4 billion of government debt. After the BoG recorded a colossal loss of over Ghc60.8 billion and negative equity of over Ghc55 billion we concluded that the bank has become insolvent. This is now confirmed by the BOG request for recapitalization by Central Government.”
The post Mahama Ayariga notifies police to demonstrate against BoG Governor first appeared on 3News.
