In the turbulent world of Ghanaian politics and economics, one name continues to stir heated debates: Dr. Ernest Addison, Governor of the Bank of Ghana (BoG). As the nation looks toward a potential leadership change in 2025, the opposition National Democratic Congress (NDC) has made a bold and provocative promise—prosecuting and jailing Addison for what they describe as gross mismanagement of the Central Bank.
The Fallout: A Bank in Crisis
The Bank of Ghana, once a cornerstone of Ghana’s economic stability, has come under fire after reporting a historic GHC 60 billion loss in 2022. The NDC attributes this financial disaster to what they call the reckless leadership of Dr. Addison. They claim the loss resulted from:
The Domestic Debt Exchange Programme (DDEP): A controversial policy aimed at restructuring Ghana’s debt.
Unprecedented Inflation: A challenge that has driven the cedi’s value to historic lows.
A "Crime Scene": Allegations Against the BoG
NDC leaders have minced no words in their criticism of Dr. Addison. They accuse him and the Central Bank of turning a revered institution into what they describe as a “crime scene.” Key allegations include:
Printing Money Without Approval: The NDC claims that the BoG printed vast sums of money without parliamentary consent, worsening inflation and depleting public trust.
Exploding National Debt: Under Addison’s tenure, Ghana’s debt skyrocketed from GHS 120 billion in 2016 to a staggering GHS 600 billion by 2022.
Echoes from the Global Stage
In making their case, the NDC has drawn parallels to international incidents:
In Nigeria, the former central bank governor faced prosecution and jail.
In Lebanon, the central bank governor was blacklisted by major global powers.
In Slovakia, their governor faced criminal charges.
“By all indications, Governor Addison will be added to this list.” – Sam Okudzeto Ablakwa
NDC’s Bold Promise
Sammy Gyamfi, the NDC’s Communications Officer, has been particularly vocal. Speaking in August 2023, he declared, “Ernest Addison is jail-bound. There is no way Addison will not be prosecuted.”
A Nation at a Crossroads
The prospect of prosecuting a sitting central bank governor raises broader questions about governance, accountability, and justice in Ghana:
Can legal action restore public trust in the BoG?
Will such a move deter future financial mismanagement?
Or will it deepen partisan divides?
Engage with Us
What do you think about the NDC’s promise? Is prosecuting Dr. Addison the right path to accountability, or could it set a dangerous precedent?
As Ghana waits to see if the NDC's vow becomes reality, one thing is clear: the story of Dr. Ernest Addison and the Bank of Ghana is far from over. The outcome will not only shape Ghana’s financial future but also its political landscape for years to come.
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