The Bank of Ghana has been accused by the opposition National Democratic Congress (NDC) of spending over $250 million on the construction of a new head office.
The NDC has blamed the leadership of the Bank of Ghana for financial mismanagement, alleging a history of poor decision-making and mismanagement.
According to Minority Leader, Dr Cassiel Ato Forson, these acts have reportedly harmed Ghana’s economic stability and worsened the country’s residents’ living standards.
On Tuesday, August 8, 2023, the NDC claimed that a new central bank headquarters was purportedly being built in the Ridge neighborhood of Accra during its Moment of Truth series. They portrayed the Bank of Ghana as being inattentive to the needs of the country and expressed dissatisfaction with how it handled financial issues.
“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” Dr. Forson said.
Notably, the spotlight has fallen on Dr Ernest Addison, the governor of the Bank of Ghana, and his deputies. In light of the alleged financial distress caused by their actions, the NDC has called for their resignation.
The party’s spokesperson commented, “In a situation where the Bank of Ghana has found itself in dire financial straits, it is indeed disconcerting to witness the commitment of $250 million (GHC 2.8 billion) toward constructing a new Head Office at Ridge. Within the context of our nation’s predicament, this decision appears to epitomize a lack of consideration for the prudent management of a country grappling with challenges.”
According to a Graphic Online publication, the NDC has issued a severe ultimatum as tensions rise. The party has threatened to hold a march on the Bank of Ghana’s grounds in an effort to remove Dr Ernest Addison and his deputies from office if they don’t present their resignations within a 21-day window.
The NDC has made additional assertions, including that the Bank of Ghana has been producing money without authorization. The party claims that this claimed action caused hyperinflation, which led to a significant segment of the Ghanaian population falling into poverty.
The NDC’s narrative holds that this alleged “illegal printing of money” has caused Ghana’s external reserves to be depleted, culminating in the unheard-of devaluation of the national currency, the Cedi, which was a major contributing factor to the hyperinflation experienced in 2022.
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