Public outcry over BoG’s GHC 60bn loss; #Addisonmustgo trends on Twitter

The Bank of Ghana (BoG) is facing a public backlash after it revealed that it incurred a loss of GHC 60 billion in 2022. Many Ghanaians are calling for the resignation of the BoG Governor, Dr Ernest Addison, and his deputies, accusing them of mismanaging the central bank and the economy.

The BoG’s 2022 annual report and financial statement showed that the bank’s total liabilities exceeded its total assets by GHC 54.52 billion, resulting in a negative equity position.

The report also disclosed that the bank spent millions of Ghana cedis on administrative expenses, such as motor vehicle maintenance, foreign and domestic travels, directors’ remuneration, banking supervision, computer and communication expenses, among others.

The BoG has defended its loss, saying that it was mainly due to the government’s Domestic Debt Exchange Programme (DDEP), which involved a 50 per cent principal haircut on the bank’s holdings of government securities and COCOBOD loans.

The bank said that it took this action to save the economy from total collapse and to meet the requirements for the approval of the IMF programme.

However, this explanation has not satisfied many stakeholders, who have expressed their dissatisfaction with the BoG’s performance and policies.

Some opposition politicians, such as NDC’s Sammy Gyamfi, Kofi Adams, Cassiel Ato Forson, etc., have demanded that the BoG Governor and his deputies resign or be sacked for their alleged incompetence and recklessness.

The public outrage has also spilled over to social media, where the hashtag #Addisonmustgo has been trending on Twitter since Monday, August 14, 2023.

Many Twitter users have shared their views and criticisms of the BoG’s loss and its implications for the economy and the people. Some have also questioned the credibility and accountability of the BoG and its leadership.