On August 23, NDC MPs engaged with the Greater Accra Regional Police Command to discuss their upcoming protest against the Bank of Ghana (BoG) Governor and his deputies. The planned demonstration, set for September 5, stems from their demand for the resignation of the Governor and deputies due to losses suffered by the central bank in 2022.
Led by Deputy Leader Emmanuel Armah Kofi, the NDC MPs held an internal meeting with the Police to coordinate the protest's logistics. After the meeting, Armah Kofi Buah announced that all necessary arrangements had been made for a successful demonstration.
The MPs claimed that their protests were grounded in their belief that the central bank illegally printed over GH80 billion for the Akufo-Addo government. They invoked sections 1, 2, and 3 of the Public Order Act 1994 (Act 491) in their notification letter, stating their intention to stage a public protest in collaboration with Civil Society Organizations, Progressive Forces, and other concerned Ghanaians.
Their objective was to denounce the alleged printing of money by the BoG, which they assert amounted to GH80 billion between 2021 and 2022. This, they argued, led to a hyper-inflation rate of 54.1% in December 2022 and pushed around 850,000 Ghanaians into poverty.
?The NDC MPs contended that the Bank of Ghana's actions had severely impacted livelihoods and businesses, resulting in a substantial loss of GH60.8 billion and a negative equity of GH5.1 billion in 2022. They expressed strong displeasure with what they perceived as the mismanagement and mishandling of the Bank of Ghana's affairs.
In response to these allegations, Dr. Ernest Addison, the Governor of the Bank of Ghana, clarified that the central bank only began providing funding to the government in 2020 and 2022, during the COVID-19 pandemic, and when investors in the capital market declined to lend to the government. He emphasized that the central bank adhered strictly to not financing government expenditures until economic difficulties arose.
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