Arise-Ghana to join #OCCUPYBOG DEMO if BOG Governor, Deputies and Board of Directors do not resign
By: Maxwell Ankomah
In a press statement released today, AriseGhana has expressed its deep concern over the dire state of the Bank of Ghana (BOG) following the release of the 2022 audit report and financial statements. The organization has called for the immediate resignation of the BOG Governor, his deputies, and the Board of Directors, citing gross mismanagement as the cause of the central bank’s current predicament.
AriseGhana has highlighted the illegal printing of money by the BOG in 2021 and 2022, amounting to GHS77 billion, as a clear example of the irresponsibility displayed by the bank’s management. This action, done to finance the alleged recklessness of the Akufo-Addo/Bawumia/NPP government, is seen as a flagrant disregard of section 30 of the BOG Act. Furthermore, the illegal writing off of approximately GHS32 billion without parliamentary approval, in violation of section 53 of the Public Financial Management Act, has been condemned as well.
The consequences of these actions have been severe, with the BOG suffering losses of GHS60.8 billion in 2022 alone and having a negative equity of GHS55.1 billion. AriseGhana has pointed out that despite the vast sums of money printed by the BOG, the majority of Ghanaians have not experienced any improvements in their livelihoods. Inflation continues to rise, currently standing at 43.1%, eroding the purchasing power of ordinary citizens.
AriseGhana has also criticized the alleged corruption within the Akufo-Addo/Bawumia/NPP government, stating that while Ghanaians suffer, officials continue to amass wealth. The recent scandal involving former Minister of Sanitation, Cecilia Abena Dapaah, who was found to have accumulated millions of dollars, has only deepened public frustration.
Additionally, AriseGhana has expressed outrage over the excessive operational expenses incurred by the BOG in 2022. The organization highlights expenditures such as GHS131.6 million on vehicle maintenance, GHS67.9 million on computer-related expenses, GHS97.4 million on foreign and domestic travels, GHS32 million on communication expenses, and a staggering GHS357.9 million on banking supervision. AriseGhana deems these expenses unconscionable, especially given the current economic hardships faced by Ghanaians.
Furthermore, AriseGhana has criticized the decision of the BOG to embark on a new office complex project estimated to cost $250 million. The organization argues that this is a misplaced priority and demonstrates insensitivity, considering the significant losses and negative equity incurred by the bank due to mismanagement and financial imprudence.
In light of these concerns, AriseGhana has announced its decision to join the call by the Minority Caucus in Parliament for the immediate resignation of the BOG Governor, his deputies, and the Board of Directors. The organization has given these officials a 21-day ultimatum, after which they will join forces with the Minority and other progressive forces to demand their resignation through a series of public protests.
AriseGhana urges the BOG officials to take this call seriously and act in the best interest of the central bank and the nation. The organization believes that the resignation of these individuals is necessary to prevent further mismanagement and deterioration within the BOG.