'Governor Addison is a competent professional of quiet courage' – Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta, has praised the Bank of Governor, Ernest Addison describing him as a competent professional of quiet courage despite the significant economic challenges that the country has been faced with in the last few years.

He shared that the pair [Ofori-Atta, Ernest Addison] having worked together for nearly seven years have ensured the inviolability of the banking system; the establishment of the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana; the raising of over $10 billion in the Eurobond market and AfriExim Bank.

In an opinion piece authored by the Finance Minister, Ken Ofori-Atta said Governor Addison and his team helped bring down inflation to single digits of 7.9 percent in 2018, making it the first time in Ghana’s history.

He further said the Central Bank Governor has managed an impressive period of currency stability in Ghana including the implementation of the Gold-for-Oil programme.

“Governor Addison is a competent professional of quiet courage. In these nearly seven years, we have worked together to ensure: the inviolability of the banking system; the establishment of the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana; the raising of over $10 billion in the Eurobond market and AfriExim bank. He brought inflation down to single digits of 7.9% for the first time; and managed an impressive period of currency stability in our country including the implementation of the Gold-for-Oil programme,” Ken Ofori-Atta opined.

Touching on calls for the resignation of the BoG Governor, Ofori-Atta wrote that “it is either simply the height of irony or a sad reflection of the state of public discourse in our country that this man [Ernest Addison], steps up in a period of unprecedented global economic meltdown and domestic economic crises, and he is being pilloried for his good work.”

“The challenges that confront us are surmountable, as we can all bear witness to the fact that the economy is beginning to turn the corner, and we are confident that “He who began a good work in [us] will carry it on to completion” (Phil 1:6),” the finance minister added.

Ofori-Atta further noted that despite the critical economic challenges faced in the country, the Ministry of Finance and Bank of Ghana have synchronized their efforts to achieve expedited responses from the IMF, the World Bank, the Paris Club, and China.

He stressed that these efforts would “enable us to rebuild confidence and for our economy to turn the corner in record time as evidenced by a 4.2% growth in GDP, declining inflation, and a stabilized currency.”

Meanwhile, the Minority in Parliament have called for the resignation of the BoG Governor, Dr Ernest Addison over what they say is ‘fiscal recklessness’ on the part of the Central Bank which recorded an impairment loss of GH¢60 billion in 2022.

The BoG Governor in his response at a press briefing said the losses incurred in 2022 were technical while arguing that the Central Bank had to step in to salvage the economy from an imminent collapse at the height of the economic challenges that the country was faced with.

Dr Addison further added that a majority of the impairment losses culminated from haircuts associated with government’s Domestic Debt Exchange Programme which saw it take about 50 percent of the loss.

MA/NOQ

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