Ghana: Demos call for Central Bank governor resignation over corruption

In a striking display of discontent, Ghanaian citizens have come out on the streets of the capital city, Accra demonstrating the central bank.

Their unified demand was for the central bank’s governor to step down, citing alleged mismanagement of the nation’s economy.

The spirited crowd proceeded to march towards the central bank’s headquarters, closely monitored by a contingent of riot police.

The crowds played reggae music from loudspeakers, and the protestors fervently called for the resignation of Central Bank governor Ernest Addison.

Ghana’s CBK governor Ernest Addison. Addison has faced stiff criticism over the central bank registering a loss and his policies not seeming to work as fast. Photo: Ghana’s Central Bank Ernest Addison

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Demonstrators demand

In addition, the crown also demanded Governor Addison’s two deputy governors resign with him as well.

Emmanuel Quarcoo, a 29-year-old unemployed Ghanaian, articulated the sentiment of the protesters, stating.

Quarcoo stated, “We want Addison out because he has shown us that he is not able to manage the Bank of Ghana.”
He raised critical questions, “How can a whole Bank of Ghana go into loss? What are they selling?”

These protests represent the latest manifestation of frustration among Ghanaians grappling with the increasing cost of living.

Ghanaians are grappling with steep unemployment and economic hardship.

Similar multi-day protests had gripped the capital just last month over the same issues on the cost of living.

Protestors rally in Accra. Ghanaians have been angered by Central Bank Governor Ernest Addison and his team for mismanaging the country's resources. Photo: Protestors gathering in Accra/ BBC File — Protestors rally in Accra. Ghanaians have been angered by Central Bank Governor Ernest Addison and his team for mismanaging the country’s resources. Photo: Protestors gathering in Accra/ BBC File

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How did Ghana get here?

In July, Ghana’s central bank reported a staggering loss of 60.8 billion cedis for the fiscal year 2022.

However, this loss was largely attributed to debt restructuring to better grip the economy.

Ghana known for its production of gold, oil, and cocoa, entered into an agreement with the International Monetary Fund (IMF).
The agreement was for a $3 billion loan program spanning three years. This program aimed to address the economic challenges.

Key among this was debt restructuring as one of the prerequisites for securing IMF funding.

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Ernest Addison has held the position of central bank governor since 2017 and is slated to remain in office for another two years.

In a statement last month, he expressed optimism, asserting that improved economic indicators would soon translate into higher incomes.

Furthermore, he stated that this move would increase purchasing power for the people of Ghana.

However, despite these sentiments, a stable exchange rate, lower inflation, and stronger economic growth have yet to alleviate the struggles of those striving to make ends meet in Ghana

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