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John Kumah to Minority: Call for BoG governor’s resignation baseless

Deputy Finance Minister, John Kumah

Deputy Finance Minister, John Kumah

John Kumah, a deputy Finance Minister has described calls by the Minority in Parliament for the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, and his two deputies to resign as baseless.

The Minority in Parliament on Tuesday among others called for the resignation of the central bank boss and his deputies over what it described as mismanagement after the bank posted losses totalling GHC60.81 billion for the 2022 financial year as against profit of GHC1.23 billion recorded in 2021.

The losses were a result of the government’s domestic debt restructuring activities and the depreciation of the cedi, among other effects.

Threat of protest

Speaking at a news conference on Tuesday (8 August), Minority Leader, Dr Cassiel Ato Forson said they will stage a march to occupy the Bank of Ghana, if the trio do not step down.

“We call for the resignation of the governor of the central bank and his deputies within 21 days from today.”

“We are resolved to embark on popular action to occupy the central bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana.”

“The march to ensure accountability will begin in 21 days if the governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated. Dr Ernest Addisson must go! there has to be an end to impunity and it is now,” Forson said.

Baseless call

But reacting to the development on the Asaase Breakfast Show on Thursday (10 August), Kuma said the Minority has no moral grounds for such demands.

“I think it is a baseless claim or call,” the deputy minister said. “The National Democratic Congress has no business in calling the Governor of BoG to resign because of loss and impairment on their balance sheet in a year when the whole country and financial system undertook domestic debt restructuring.”

“So, it is just a needless call, and this is not the first time the central bank would have to go through some difficulty in order to save the economy.

“One of the key functions of the central bank is to promote and encourage economic development, so there is nothing untoward if the bank supports the state in its economic recovery,” Kumah said.

Listen to John Kumah in the attached audio clip below:


Reporting by Fred Dzakpata in Accra


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