Thousands of Ghanaian citizens gathered in the capital city of Accra to voice their dissatisfaction and demand the immediate resignation of Central Bank Governor Ernest Addison, accusing him of printing money to finance the champagne lifestyle of President Nana Akufo Addo.
Led by the leaders of the country’s minority group in Parliament, the protest, dubbed #OccupyBOG, aimed to draw attention to concerns over the country’s economic policies and alleged financial mismanagement.
They accused Mr. Addison of clandestinely printing billions of cedis and writing off government debts without Parliamentary approval, which they say is one of the main factors causing the economic despondency in the country.
Protesters from various walks of life, including students, workers, and activists, congregated at Independence Square, under the watchful eye of riot police, and marched to the central bank’s headquarters, all while playing reggae music from speakers and echoing calls for Addison and his two deputies to step down.
Clad in red and black attire, they symbolised mourning and frustration with the current state of affairs. Chanting slogans such as “Addison the printer”, “Galamsey Government”, Accountability Now!” and “Resignation is the Solution!”, the participants called for a change in leadership within the central bank.
The grievances of the demonstrators centred around the mishandling of the country’s economy and alleged corruption within the banking sector. Many protesters pointed out the increasing inflation rates, the devaluing of currency, and the rising cost of living as evidence of poor economic management.
Speaking on behalf of the protesters, Minority Leader Dr. Cassiel Ato Forson expressed the frustrations of many Ghanaians, stating, “We can no longer tolerate the mismanagement of our financial institutions and the continuous erosion of our purchasing power. It is time for a change, starting with the resignation of the Central Bank Governor.”
“They have actually mismanaged the affairs of the central bank. They have mismanaged our monetary policy. Today, Ghana, our beloved country, is on its knees,” he added.
Ghana was tagged the world’s fastest-growing economy in 2019 after it doubled its economic growth but has struggled since 2020, with the cedi-to-dollar exchange rate being its record high.
Despite being a major cocoa and gold exporter, it is currently battling its worst financial crisis in decades, with inflation also hovering at the highest in history.
And according to Honourable Forson, Mr Addison’s decision to print more money to finance president Akufo Addo’s luxurious lifestyle is a huge contributing factor
“This Governor and the Bank of Ghana, led by Governor Addison, have unilaterally printed up to 80 billion Ghana cedis in two years without recourse to Parliament,” he said.
“Aside from that, they have unliterally written about 48 billion cedis as government debt. All of this was done without parliamentary approval.
“The printing of money is like an alcoholism; the good effect or perceived good effect comes immediately, but the hangover comes after the party.
“Governor Addison printed money to finance the champagne lifestyle of this President Akuffo Addo on an akpeteshie budget. Today, our country is on its knees. We will not accept it. The central bank of Ghana today is bankrupt technically; you are insolvent; you have negative equity of 55.1 billion Ghana cedis and a loss of 60 billion Ghana cedis in one year.”
The Central Bank Governor himself didn’t appear to receive the petition, and the protesters refused to hand it over to a third party and rather promised to return with a bigger protest.
The growing momentum of the #OccupyBOG movement suggests that the pressure for change will persist until their demands are met. The coming days will be crucial in determining the course of action taken by both the government and the central bank in response to the public outcry.
