The National Democratic Congress (NDC) says Vice President Dr Mahamudu Bawumia is the brain behind the economic mismanagement that has characterised the current administration of the New Patriotic Party (NPP).
Notable among the mismanagement, the NDC noted, is the loss incurred by the Bank of Ghana in 2022.
At a press conference on Tuesday, August 8, leader of the NDC in Parliament Dr Cassiel Ato Baah Forson observed that they saw the red flags and warned the Bank consistently.
But the Central Bank ignored all the warnings, he said, and rather gave heed to Dr Bawumia, who is a former Deputy Governor.
“We in the National Democratic Congress saw the red flags and have consistently warned of the mismanagement of the financial sector by the Governor of the Central Bank and his team of incompetent deputies,” the former Ranking Member of the Finance Committee of Parliament told journalists.
“This mismanagement was anchored on the jaundiced supervision of Dr. Mahamudu Bawumia, the Vice President and the brain behind the NPP’s economic mismanagement team.”
He added that the once prestigious Bank of Ghana is “insolvent”, making reference to the GH¢60.8 million loss recorded in 2022.
The former Deputy Finance Minister said the Bank is currently running a negative equity of over GH¢55.1 billion.
“The bank has also recorded a negative equity of over GH¢55.1 billion. What this simply means is that the Bank of Ghana is insolvent.
“In other words, the once prestigious Bank of Ghana, the mother of all banks in Ghana, has been bankrupted and collapsed by this NPP economic management team led by Dr Mahamudu Bawumia with the complicity of the Governor of the Central Bank.”
The NDC issued a 21-day ultimatum to the Governor, Dr Ernest Yedu Addison, and his two Deputy Governors to resign.
Failure to resign, the NDC insists, will see all the 137 members of Parliament (MPs) march to the Central Bank until they see the back of Dr Addison.
The party has also served notice of prosecuting them in the next administration of John Dramani Mahama.