Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), has criticized the opposition lawmakers for their recent demonstration describing it as unnecessary. On Tuesday, October 3, opposition MPs led a massive demonstration in Accra, calling for the resignation of the central bank Governor and his deputies, accusing them of mismanaging the bank.

However, Dr. Addison, in remarks reported by an international business website, Central Banking, stated that he has no intention of resigning.

He described the demonstration as “completely unnecessary” and expressed his determination, along with his deputies, to remain in their roles. “The Minority in Parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans,” Dr Addison told Central Banking in the interview on Wednesday, October 4. Additionally, Dr. Addison dismissed allegations of printing money to fund the government’s lifestyle.

He clarified that the BoG provided monetary financing in 2020 and 2022 to address specific crises, which he asserted is legal under central bank law.

Addressing the losses recorded by the central bank in 2021, Dr. Addison explained that the impairment of the central bank’s debt holdings that resulted in losses in 2022 was a requirement for the International Monetary Fund (IMF) program.

He emphasized that the Bank of Ghana did not forgive any debts. Furthermore, the Governor clarified that the decision to commence construction of the new headquarters was made in 2019 when the bank was profitable and had allocated some of its profits for the new headquarters. “It was not a choice made in a time of crisis,” he added.