Minority Informs Police of 2nd BoG Protest
The Minority Caucus in Parliament has written to the Ghana Police Service formally informing it about plans to protest against the leadership of the country’s Central bank at the end of this month.
In a letter by the Member of Parliament for Bawku Central Constituency, Hon Mahama Ayariga, he stated that it will be a ten-hour long demonstration by the Caucus beginning at Obra Spot at the Kwame Nkrumah Circle to the premises of the Bank of Ghana headquarters.
“The demonstration and the protest march will take place on Tuesday, July 30, 2024, between the hours of 8:00 am to 6 pm in Accra in the Greater Accra Region.”
“Protesters will converge at Obra Spot at the Kwame circle, protesters will march from Obra Spot through to Adabraka to Farisco/Kingsway and protesters will march by Rawlings Park in front of Makola to Central Post Office and terminate at the frontage of the Bank of Ghana headquarters.”
The lawmakers seek to register their displeasure at what they call “wasteful” spending on the Bank’s new building under construction at a reported cost of S$270 million from the originally estimated US$81.88 million; BoG governor building a new official residence for himself at an alleged cost of US$40 million; shunning accountability; and illegally printing money into the system much to the disadvantage of Ghanaians.
The Caucus claim the mismanagement by the leadership has resulted in the insolvency of the Bank which is now in desperate need of recapitalization.
Justifying the protest, he said, “We are resuming public protest because we have reported these matters to anti-corruption institutions and they remain non-responsive. We are left with no alternative but the pressure of the might of the mass public action to a halt to the rot that has plagued our central bank, financial sector and almost every institution of government.”
October Protest
The Minority in Parliament was joined by Civil Society Organizations (CSO), Progressive Forces as well as thousands of protesters on October 3, 2023, to demand the resignation of top officials of the Central Bank including Governor Addison. This was after they defied an ultimatum to resign in August 2023.
The groups protested against the Central Bank’s alleged illegal printing of about GH¢ 80 billion between 2021 and 2022 which they say contributed to an inflation rate of 54.1% in December 2022.
Additionally, they registered their disapproval at the reported GHC 60.8 billion loss incurred by the Bank in 2022 which has sent it into an over GH¢50billion negative equity position.
Addison Absence
The protest though peaceful, was short of expectations as the Governor failed to show up for the petition of the protesters.
He sent out a man who identified himself as Kwame Asare Boateng, the Director of Security at the BoG to do it on his behalf.
According to him, Mr Addison was in a meeting with the International Monetary Fund (IMF) and could not avail himself of it- an excuse that infuriated the leadership to return home with the petition.
The Minority Leader in Parliament, Cassiel Ato Forson, called it disrespect to the people of Ghana as he insisted on handing the petition out to him in person.
Hooliganism
Dr Addison in reaction reviled the protest likening it to hooliganism.
According to him, the protest was “unnecessary” while he deems the protesters “hooligans”.
He, therefore, noted he had no intention of acceding to the demands of the Minority, he told Central Banking, an international news portal that reports on Central Banks.
He indicated that the Minority in Parliament who spearheaded the demonstration could have used the right channels to deliver their concerns but overlooked them all for hooliganism.
