The Bank of Ghana and its former Governor, Dr Ernest Addison have been sued by a private citizen for the record exchange rate losses recorded by Ghana’s currency since 2017.
Balbir Violet Allan who describes herself as someone who invests in government treasuries says her purchasing power and investment suffered remarkable losses due to the cedi dropping in value from 4.26 cedis in 2017 to 15.49 cedis in 2025.
She is therefore asking the High Court for a declaration that the Bank of Ghana has been grossly negligent in the management of the Ghana Cedi through Dr. Ernest Addison. She is also asking the court to rule that the exchange rate losses are enforceable against the Bank of Ghana and Dr. Ernest Addison.
Case of the Plaintiff
The private citizen argues in her writ issued by law lecturer Dr. John Baiden that the Bank of Ghana is mandated by law to ensure the stabilization of the value of the cedi. She points out that the cedi to Dollar exchange rate was 4.26 GHS to 1 USD when Dr. Addison took office in 2017.
The Exchange rate she however notes stood at 15.49 GHS to 1 USD as at 3rd February 2025 when Dr. Ernest Addison proceeded on terminal leave. She additionally points out that the currency in her opinion became one of the worst performing currencies in the world under the former BOG Boss.
This depreciation she says caused her to suffer exchange rate losses, erosion of purchasing power and remarkable investment capital losses.Dr. Addison she believes failed to exercise care in his management of the currency.
