Minority Leader Justifies Calls for the Resignation of BOG Officials Due to Economic Mess
Accra, Ghana – In a public forum held at the University for Professional Studies Accra (UPSA), Dr. Cassiel Ato Forson, MP and Minority Leader, reiterated the Minority Group’s demand for the Governor of the Bank of Ghana and his deputies to resign. Dr. Forson provided a detailed justification for this demand, highlighting the dire economic situation faced by Ghanaian families and businesses as a result of the government’s ill-thought-out policies.
Dr. Forson criticized the Akufo-Addo/Bawumia government for signing an IMF program, despite initially claiming they would not. He pointed out that it was President Akufo-Addo and his Economic mis-Management Team, led by Alhaji Bawumia, who imposed horrible conditionalities and austerity measures on the people of Ghana, not the IMF.
The Minority Leader also highlighted the government’s banking sector clean-up, which he described as insensitive and vindictive, causing irreparable damage to Ghana’s banking sector. He noted that this clean-up program was the first in Ghana’s history to come with a debt restructuring program, resulting in the impoverishment of the rich, middle class, and poor.
Dr. Forson further criticized the Bank of Ghana’s Governor and his deputies for their role in the economic mess. He accused them of illegally and excessively printing money, depleting Ghana’s external reserves and leading to the unprecedented depreciation of the Cedi. This, coupled with inflation, pushed an additional 850,000 Ghanaians into extreme poverty.
The Minority Leader highlighted the government’s mismanagement of the economy, including the significant increase in public debt, the default on domestic and foreign debts, and the collapse of state-owned enterprises. He criticized the Bank of Ghana’s officials for writing off government debt without parliamentary approval, in violation of the law.
Dr. Forson concluded his address by stating that the Bank of Ghana, under the current leadership, had derailed the macroeconomic stability achieved since 1992. He called for the immediate resignation of the Governor of the Bank of Ghana and his deputies, stating that they were incapable of fixing the mess they had created.
In response to these demands, the Minority Group announced plans for an #OccupyBoG protest march on September 5, 2023, to further express their dissatisfaction with the current state of the economy and to support their call for the resignation of the Bank of Ghana officials.
The economic mess in Ghana has caused widespread distress and despair among the population, with many professionals leaving the country in search of better opportunities. The Minority Group believes that a change in leadership at the Bank of Ghana is necessary to address the country’s economic challenges and restore hope for the Ghanaian people.