NDC accuses BoG of financial mismanagement over $250 million new headquarters

The NDC asserts that this extravagant expenditure reflects gross mismanagement and recklessness on the part of the BoG's management over the past years.

These actions, according to Cassiel Ato Forson, the Minority Leader, have taken a toll on Ghana's economy and have contributed to the decline in the quality of life for Ghanaians.

During a press briefing held as part of the NDC's Moment of Truth series on August 8, 2023, the party unveiled their claims, asserting that the new central bank headquarters is currently under construction in Ridge, Accra.

Ato Forson strongly criticized the Bank of Ghana, accusing it of insensitivity in its financial decisions.

The Minority Leader has called for the resignation of Dr. Ernest Addison, the governor of the BoG, along with his deputies.

He remarked, "Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies, have found it prudent and expedient to invest $250 million (equivalent to GHC2.8 billion) on another Head Office building located in Ridge. Given our circumstances, this showcases a remarkable level of insensitivity in managing the finances of a country facing significant challenges."

The NDC has issued a warning that it may lead a protest to the Bank of Ghana's premises if the governor and his deputies do not tender their resignations within 21 days.

The party further alleges that the BoG has engaged in unauthorized money printing, a practice that has contributed to hyperinflation and subsequently driven a considerable portion of Ghana's population into poverty.

"The Bank of Ghana's illicit money printing has led to the depletion of Ghana's external reserves, ultimately resulting in the unprecedented depreciation of the Cedi. This devaluation stands as the primary cause of hyperinflation observed in 2022," the party asserts.

As these allegations unfold, the Bank of Ghana faces increasing scrutiny over its financial decisions and their impacts on the country's economy and citizenry.

The NDC's call for accountability and change within the leadership of the central bank underscores the significance of responsible financial management in ensuring a stable and prosperous future for Ghana.