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The controversy surrounding the staggering GH¢60.8 billion loss incurred by the Bank of Ghana (BoG) in 2022 has taken a new turn as Bawku Central MP Mahama Ayariga sharply criticizes the central bank’s Governor, Dr. Ernest Addison. Ayariga deems the Governor’s justifications for the significant financial loss as untenable and reprehensible, further fueling demands for accountability and his resignation.
Palpably Unacceptable Explanations
In a recent interview with Citi FM, the former Information Minister, Mahama Ayariga, minced no words in criticizing the explanations provided by Dr. Ernest Addison for the staggering loss. Ayariga asserted that the justifications offered by the Governor are not only palpably unacceptable but also bordering on ridiculous. He particularly zeroed in on the issue of the BoG spending a reported $250 million to construct a new head office building in the midst of the ongoing economic crisis.
A Question of Priorities
Mahama Ayariga raised serious concerns about the expenditure of such a colossal amount in constructing a new office building, especially given the pressing economic challenges facing the country. With the Ghanaian economy grappling with various issues, including inflation and unemployment, Ayariga emphasized that allocating such a substantial sum to a building project seems incongruous and misplaced.
Minority’s Call for Accountability
The former Information Minister’s critique is aligned with the stance taken by the Minority in Parliament. Ayariga echoed their demand for not only Dr. Ernest Addison’s resignation but also those of his two deputies. The Minority attributes the significant loss to gross mismanagement on the part of the BoG leadership, and Ayariga reiterated that they will not back down until their demands are met.
Ridiculous Amidst Crisis
Ayariga spared no words in expressing his incredulity at the Governor’s explanation. He questioned the wisdom of allocating a quarter of a billion dollars to a building project while the nation grapples with an economic crisis. Ayariga’s criticism is reflective of the growing sentiment among Ghanaians who find it difficult to fathom such an allocation amidst broader economic concerns.
Governor’s Justification
Dr. Ernest Addison, during a press conference, attempted to justify the construction of the new office building. He pointed out that the new structure would possess sensitive features that the current head office lacks, including data centers and currency processing centers. Dr. Addison also noted that the building’s design aligns with modern central bank standards, comparing it to similar buildings in Abuja and Dakar. However, the Governor refrained from confirming the exact cost of the project.
Request for Detailed Response
In response to the mounting concerns and criticism, Dr. Addison revealed that a more detailed response addressing all aspects of the project would be released. He acknowledged the need to address the public’s apprehensions regarding the project’s scope, cost, and rationale. The Governor’s assurance of a comprehensive response seeks to alleviate some of the skepticism surrounding the BoG’s actions.
Procurement Processes and Legal Compliance
Dr. Addison also made a point to clarify that the central bank meticulously followed all necessary procurement processes in undertaking the project. He emphasized that the BoG adhered to the country’s procurement regulations and did not breach any laws in embarking on the endeavor. This assertion aimed to dispel any doubts regarding the legality and transparency of the construction project.
NDC’s Planned Demonstration
As the debate continues to intensify, the National Democratic Congress (NDC) MPs have announced plans to organize a demonstration on Tuesday, September 5. The demonstration will be conducted in collaboration with Civil Society Organizations, Progressive Forces, and other concerned Ghanaians. The demonstration seeks to amplify the call for accountability and the resignation of Dr. Ernest Addison and his two deputies.
