#OccupyBoGProtest is needless, only fueling noise – Economist

Ghanaian economist and chartered doctor Sampson Anomah has described the #OccupyBoGProtest as needless.

The economist argued that the demonstration is useless as the Bank of Ghana’s Ghc60 billion loss in 2022 has been explained and justified.

He indicated the reason behind the GHC 60 billion loss had been reasonably explained, hence the Minority Caucus had no justification for the demonstration.

“Demonstrations are good, and they are fundamental human rights issues in every democracy.” However, after investigating the grounds behind the demonstration, I can certainly conclude that it was unnecessary, ineffective, and unjustifiable.”

He said the BoG ought to be commended for taking the bold step of protecting and stabilising the economy.

He explained that Ghana was facing difficulties, and the BoG took steps to prevent dire consequences.

The economist, however, emphasised that the BoG sustained losses as a result of its participation in the Domestic Debt Exchange Programme (DDEP), which was a crucial component of the government’s attempt to restore macroeconomic stability and public debt sustainability.

He added that the central bank, together with banks, other financial organisations, pension funds, and individuals, participated in the DDE to share some of the burden that the DDE places on government debt holders.

He said the BoG had told us that the DDE was a major part of the corrective action required for the International Monetary Fund (IMF) programme; however, we could not achieve the required target.

The target was for the stock of government debt to be halved from 105 percent of gross domestic product (GDP) to 55 percent of GDP by 2028.

He said the central bank helped close the gap so Ghana could meet the debt threshold that qualified Ghana for the IMF programme.
He concluded that the previous NDC government went to the IMF under similar circumstances, therefore dragging the BoG into the mud is dishonest.

“They’re making noise, and those who don’t understand how to manage an economy or Ghana’s situation will side with the NDC, allowing them to score cheap political points.” That, however, is not the way to go. The NDC went to the IMF under similar conditions, so it makes no sense for them to protest over this matter,” he said on Nyankonton Mu Nsem on Rainbow Radio 87.5Fm.