Bank of Ghana Governor, Ernest Addison
The Minority in Parliament has entreated the Governor of the Bank of Ghana, Dr Ernest Addison, to guard his independence and credibility or resign from office as soon as possible.
This comes after the central bank increased the monetary policy rate by 300 basis points from 19% to 22% on Wednesday, August
Read full article17, 2022, as part of measures to salvage the economy from the rising inflation and free fall of the local currency - Cedi.
In a press release sighted by GhanaWeb, the Minority said the Bank of Ghana must conduct a complete overhaul of its monetary policy framework to improve transparency and credibility.
It explained that this must include publication of its minutes and clarity on its forecasting and policy analysis model.
"The Governor of BoG must assert his independence and credibility or immediately resign as his counterpart in Egypt has done. Governor Tarek Amer resigned only yesterday following criticisms over his handling of the country’s financial challenges which have seen the Egyptian local currency depreciate significantly against US dollar in recent times," part of the release read.
Meanwhile, the Cedi has over the past weeks depreciated against major trading currencies.
The US Dollar is selling at GH¢10.16pesewas and sold at GH¢9.95pesewas.
Against the Pounds Sterling, the Cedi is selling at GH¢12.13pesewas and trading at a buying GH¢11.80pesewas.
Read Minority's press release below;
ESA/FNOQ
