BoG issues becoming albatross around neck of NPP & Gov’t; they must explain things better – Bempah

Ernest Owusu-Bempah, a Deputy Director of Communication for the New Patriotic Party (NPP), has issued a demand to the Bank of Ghana (BoG) that it provide a more complete and comprehensive explanation of the concerns surrounding the new headquarters that it is building as well as the GH60.8 billion loss that it experienced in the previous year.

According to Mr. Owusu-Bempah, these difficulties are becoming a huge headache for the government, particularly its communicators; as a result, it is necessary for the central bank to explain, in language that is understandable to the general public, the challenges that are taking place.

Questions concerning the relocation of the Central Bank's headquarters have been sent at the Central Bank by the Minority in Parliament, which has requested responses from the Central Bank.

The Minority is asking for a number of different items, one of which is information on the processes that were engaged in the acquisition of the site for the construction of the new headquarters building.

They are also interested in learning the names of the project managers and consultants.

"The whole brouhaha with the Bank of Ghana is becoming a problem for the government and party in power and so if they have anything to explain, they should," Mr. Owusu-Bempah stated Monday, August 21, while speaking to journalists in Accra. As a political party, the NPP does not condone wrongdoing; more specifically, we do not condone anything having to do with allegations of malfeasance or corruption.

"This specific matter is turning into an albatross around the neck of the government as well as the party that is now in office. Therefore, they need to come clean, as the explanation that they are providing is not making any sense to us, and they should come clean and explain it more thoroughly.

"The Governor of the Bank of Ghana needs to stand up and tell the truth in order for the administration to have a positive appearance. This matter is rapidly developing into a threat to the political fortune in the elections that will take place in 2024. Financially, we are experiencing turmoil, but as a party, we have done a lot in managing the economy, and then the following day you hear this scandal coming from the Bank of Ghana, you realize that we have done a lot in managing the economy.

As a representative for the New Patriotic Party (NPP), I would want to demand that the Bank of Ghana disclose the truth and explain all that is taking place. They are not permitted to sit there and explain things in the manner of their choosing.

This is a very severe matter, as there is an allegation that money was stolen, as well as an allegation that a headquarters costing $250 million was constructed. The Bank of Ghana is a significant state-owned financial and economic institution that is responsible for directing all economic activity within this nation. Therefore, you cannot simply come out and throw problems out there in such a manner and expect the average Ghanaian to comprehend what is going on. Therefore, it is necessary for them to come clean and explain the situation to the people of Ghana so that party communicators may more effectively go out into the community and explain the issues," he said.

It is important to remember that in a press statement, the Member of Parliament for Bawku Central, Mahama Ayariga, who is also a private legal practitioner, asked the Governor of the Bank of Ghana to provide detailed data on the project. This can be seen in the press statement that was made.

As part of an increased action, they have selected Tuesday, September 5 as the date on which they will march to the main office of the Bank of Ghana in an effort to compel the Governor and his two deputies to resign from their positions.

After posting a loss of GH60.8 billion in 2022, the Members of Parliament (MPs) of the National Democratic Congress (NDC) gave Dr. Ernest Yedu Addison and the two Deputy Governors – Dr. Maxwell Opoku-Afari and Elsie Addo Awadzi – 21 days to resign from their positions.

On Monday, August 21, the Leader of the Minority Party, Dr. Cassiel Ato Forson, sent a letter to the Accra Regional Command of the Ghana Police Service informing them of the plan to "occupy" the Bank of Ghana.

According to the letter that the Minority sent out, the objective of this demonstration is to "express our revulsion against the illegal printing of money (about GH80 billion) between 2021 and 2022 by BoG for the corrupt Akufo-Addo/Bawumia/NPP government," which resulted in a hyperinflation rate of 54.1% in December 2022.