According to allegations made by the National Democratic Congress (NDC), the Bank of Ghana (BoG) is building a new headquarters at an estimated cost of $250 million.
The Bank of Ghana’s administration has been charged by the NDC with engaging in egregious mismanagement and carelessness over time. Cassiel Ato Forson, the minority leader, claims that these activities have put a strain on Ghana’s economy and reduced the standard of living for Ghanaians.
On Tuesday, August 8, 2023, the NDC asserted that the new central bank headquarters was being built in Accra’s Ridge neighborhood during one of its Moment of Truth events.
The Bank of Ghana was criticized by Ato Forson for having too little tact.
As a result of their alleged involvement in the bank’s financial condition, Governor Dr. Ernest Addison and his deputies are being called into question by the NDC.
“Adding to our concerns is the Governor and his deputies’ decision to invest $250 million (GHC2.8 billion) in constructing another Head Office building, situated in the Ridge area. Given our current circumstances, this decision reflects a serious lack of sensitivity towards managing the finances of a country facing challenges,” Ato Forson stated.
The governor and his deputies have been given a 21-day deadline to quit, or the NDC has vowed to launch a march to the Bank of Ghana’s offices and demand their dismissal.
The party has additionally charged the Bank of Ghana with indulging in illegal money production, fueling hyperinflation, and ultimately driving a sizable chunk of Ghana’s populace into poverty.
“The Bank of Ghana’s illicit money printing has led to the depletion of Ghana’s foreign reserves, which in turn caused an unprecedented depreciation of the Cedi, thereby being a key factor in the hyperinflation experienced in 2022.”
