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BoG GOVERNOR’S PERFORMANCE LED TO IMF REPRESENTATIVE OPERATIONS – Mornah

Bernard Mornah, the Justice for Ghana Covener, has criticized Bank of Ghana Governor Ernest Addison for what he perceives as mismanagement of the bank, even leading to the United States sending a representative to oversee the operations of the bank.

Responding to former GIMPA Rector Prof Stephen Adei’s comment that the Minority’s call for Dr. Addison’s resignation was “irresponsible,” Mornah, a former Chairman of the People’s National Convention (PNC), argued that the Governor’s departure would instill confidence in Ghana’s monetary system.

Mornah noted that approximately 11 million people in Ghana lack clear employment prospects, and he emphasized the need to provide tailored support and opportunities for young people to pursue entrepreneurship, promoting economic recovery and stability.

Mornah’s comments come in the context of ongoing discussions surrounding Dr. Addison’s leadership and the 1.75% E-Levy proposed in the 2022 budget. The Minority in Parliament has accused the Governor of mismanagement and blamed the government for the bank’s insolvency. The Bank of Ghana’s 2022 audited report revealed significant financial losses, with the minority calling for Dr. Addison’s resignation and issuing a 21-day ultimatum.

Meanwhile, the Bank of Ghana explained that a substantial portion of the reported loss was a result of the government’s Domestic Debt Exchange Programme (DDEP) and external debt restructuring. The bank absorbed losses to support the IMF program, allowing the government to meet approval thresholds.

The situation underscores ongoing concerns about the bank’s financial health and leadership, as well as debates surrounding appropriate responses to address economic challenges and instability.

 

 

 

 

 

 

Source:NKONKONSA.com

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