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BoG’s illegal printing of money responsible for depletion of external reserves, the Governor must resign – NDC

NDC BoGs illegal printing of money responsible for depletion of external reserves, the Governor must resign – NDC
AUG 8, 2023 LISTEN

The opposition party, the National Democratic Congress (NDC), has accused the Bank of Ghana of engaging in illegal money printing, which they claim has led to the depletion of the country's external reserves.

This alleged misconduct is said to have contributed to the significant depreciation of the Ghanaian Cedi and hyperinflation during 2022.

At a press conference led by Dr. Cassiel Ato Forson, the NDC's parliamentary leader, the party has accused the Central Bank's governor, Dr. Ernest Addison, of violating both Section 30 (7) of the Bank of Ghana Act, 2012 (Act 612) and Section 60 of the Bank of Ghana Amendment Act, 2016 (Act 918).

According to the NDC, the hyperinflation experienced in 2022 led to an estimated 850,000 individuals falling below the poverty line. The party believes that this economic turmoil could potentially result in more members of the ruling Akufo-Addo Government accumulating significant amounts of money privately for the purpose of influencing electoral outcomes, both in party primaries and the general elections scheduled for December 2024.

Dr. Forson expressed the party's concern that even members of the Economic Management Team might participate in these contests and perform well due to their potential financial advantage.

The NDC said it is committed to finding ways to rescue the country from the negative trajectory it has taken, with the aim of preventing a fate similar to that of other West African nations.

The party is insistent that those responsible for the mismanagement of the Central Bank and the subsequent economic challenges should not be allowed to continue their leadership roles without being held accountable.

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