Why critics dey demand resignation of Bank of Ghana govnor

Di governor of di bank of Ghana don dey under pressure over moni wey di bank loss last year.

Di bank make GHC 60b ($5.4b) loss for di 2022 financial year wia di annual financial statement don show.

Gurus for di financial sector say di governor Dr Ernest Addison, don mismanage di resources at a time di kontri dey suffer well well.

Di kontri dey unda $3b IMF programme - wia di fund release $600m already.

For di 2021 financial year, di central bank don make profit of GHC 1.23b ($109.9m).

Di year before (2020) di bank record GHC 1.57b ($140.2m) profit.

But di fresh revelation for di 2022 report dey cause wahala for town.

Di gist wey com for di report be say dem spend GHC 2.7b ($241m) for operating expenses.

Di document also tok say di bank don spend GHC 207m ($18.6m) for premises den equipment cost.

Som of di line items for di operating cost be:

- Foreign & domestic travel - GHC 97.4m ($8.7m)

- Motor vehicle maintenance/running be - GHC 131.6m ($11.8m)

- Communication - GHC 32m ($2.9m)

- Banking supervision - GHC 357.9m ($31.9m)

- Electricity, water & conservancy - GHC 19.9m ($1.8m)

- Oda administrative expenses - GHC 287.3m ($25.7m)

Na im pipo don tok say di bank sabi di kontri situation wia e still dey spend moni anyhow.

Economists den goment watchers say di central bank no try.

One professor for di university of ghana business school, Godfred Bokpin say di bank don expose itself plus di plenti support e dey give goment.

E tok say di bank “take open eye compromise im own independence”.

“For serious society, di governor for don resign by now,” di professor tok.

Anoda goment think tank IMANI Africa say di managers of di bank for refund di monies wey dem spend.

Wetin happun

Di bank tok say di loss happun sake of di depreciation of di currency den di impact of di domestic debt exchange programme (DDEP).

DDEP be one of di measures goment take as e dey search di $3b IMF bailout for di economy.

DDEP be like goment wan exchange e debt obligations for equity for dia public enterprises.

Head of research for di central bank Dr Philip Abradu-Otoo don tok say di expenses for vehicle maintenance/running jump from GHC 61m ($5.4m) for di 2021 year go GHC 131.6m ($11.8m) for 2022 sake of increase for fuel den crude prices.

Im also tok say “di expense dey cova fuel, maintenance, insurance, regulatory licenses den repairs”.

Dr. Abradu-Otoo add say di bank dey supply moni for di whole kontri - from di south go di north den everywhere, na im be expensive exercise.

Di opposition national democratic congress (NDC) tok say dem give di governors of di bank of Ghana twenty one days make he resign.

Minority leader for di parliament Dr Cassiel Ato Forson don tok for press conference August 8, say di governor Dr Ernest Addison den im two deputies Dr Maxwell Opoku-Afari den Elsie Addo Awadzi, “don mismanage di kontri resources”.

Di opposition party tok say dem go sleep for di bank premises afta di 21 day-ultimatum sabi say di governors go quit.

“Di central bank don turn crime scene, wia im managers dey tread for danger zone”, Dr Forson tok.

Di governors go resign?

Before di opposition party go com tok say make di governor resign, oda pipo don tok am.

But head of research for di central bank Dr. Abradu-Otoo don tok say im no sure say di governor for resign ova di mata.

He say “internal den external issues don make di bank lose di moni - na im no be di fault of di governor.”

“Di bank go continue im work den fight inflation, den ensure stability,” Dr. Abradu-Otoo tok.