Minority goes after BoG Governor; wants him sacked also
The Minority Caucus in Parliament has demanded that Dr Ernest Addison, be removed from his role as the Governor of the Bank of Ghana (BoG).
The call for the sacking of the Governor of the BoG, was made by the Minority Leader in Parliament, Haruna Iddrisu while filing for a motion for the impeachment of the Finance Minister, Ken Ofori-Atta on the floor of Parliament on Tuesday, October 25, 2022.
While the Minority Leader failed to give reasons for calling for the removal of Dr Ernest Addison as the Governor of the BoG, US based Associate Professor, Williams Peprah, believes it is as a result of the BoG’s inability to contain rising inflation despite its numerous hikes in policy rates.
“The call for the removal of the Governor of the BoG, is because the Minority Leader and for that matter the Minority Caucus believe that the Governor has failed to stabilise prices (inflation) which is its mandate, although BoG on the other hand believes it has done all it can to mitigate rising inflation,” he stated in an interview on Tuesday.
The BoG since last year November, has increased policy rates by 11,000 basis points (11%) with the monetary policy rate hitting 24.5% in September this year.
Speaking further in the interview, Prof Peprah noted the sacking of the Finance Minister will send positive signals to the market and help slow the depreciation of the cedi.
Dr Ernest Addison was re-appointed Governor of the nation’s Central Bank by President Akufo-Addo in February 2021.
Dr Addison’s second-term as Governor of the Central Bank commenced March 30, 2021.
In his first term, Dr Addison championed a number of reforms in the financial sector.
Notable among the reforms undertaken by the Governor include the clean-up of the banking sector which the Central Bank says has put the sector in a strong position to withstand shocks from the Covid-19 pandemic.
Dr Ernest Addison until his appointment as Governor of the BoG in 2017, was the Lead Regional Economist of the African Development Bank at its Southern African Resource Centre.
From 2003 to 2011, he served as the Director of Research at the Bank of Ghana; and was the Chief Economist of the West African Monetary Institute, from 2001 to 2002.
He holds an M.Phil in Economics and Politics from the University of Cambridge, England, and a PhD in Economics from McGill University, Canada.
