The Minority MPs in Parliament on Tuesday, October 3, 2023 embarked on the much anticipated #occupyBankofGhana demonstration.
The protest is in furtherance of their call on the Governor of the central bank, Dr Ernest Addison and his two deputies to resign for their failure to uphold the dictates of their mandate which has resulted in huge financial losses to the nation.
The Minority Leader, Cassiel Ato Forson has not minced words in stating why Dr. Addison and his assistants must leave office.
“The illegal and excessive printing of money of GHS80 billion (evidenced by paragraph 2 of the Memorandum of Economic and Financial Policy) caused the depletion of Ghana's external reserves of $6.3 billion which resulted in the unprecedented depreciation of the Cedi as it fell from GHS6/$1 to over GHS15/$1 while inflation rose to hyper levels of 54.1% in 2022.
This unprecedented development in the history of the 4th Republic, coupled with inflation, have reduced the rich to a middle class while the poor have become poorer. Paragraph 8 of the IMF Staff Report gives further detail that the Bank of Ghana illegally and excessively printed over GHS45 billion, representing 7.2% of GDP in 2022 alone, and GHS35 billion in 2021. Again, this is unprecedented in the history of Ghana,” he explained.
The demonstration was supported by other political parties such as the People's National Convention (PNC), All People's Party (APC) and other Civil Society Organisations. Head Potters and members of the general public joined the public protest against the managers of the central bank.
Here are some scenes from the protest as captured by our indefatigable photographer, Bernard Ashitey: