Mess created by this government incurable – Ato Forson

The Minority Leader in Parliament, Dr. Cassiel Ato Forson  has stated that mess created by the Akufo-Addo administration is irredeemable

He also described the situation of the country as “Shocking! And irredeemable!!!. The mess that this government has caused is incredible!”

In a statement delivered ahead of the Minority’s upcoming #OccupyBoG demonstration, Dr. Ato Forson indicated that the outlook for the country still looks grim, notwithstanding the sacrifices of the ordinary Ghanaian.

“This Bawumia-led economic mismanagement team, should be apologizing to the people of Ghana for destroying livelihoods, our country and our motherland. To put it simply, the Bank of Ghana cannot unilaterally write off government debt without the approval of parliament. This government that does not take responsibility for its failures.

“The performance of this economic mismanagement team, despite the hype, over the past seven years has been abysmal, to say the least,” Mr. Ato Forson stated.

“In concluding this address, let me say that the Bank of Ghana, with Governor Addison and his two deputy governors in charge, has aided the Akufo-Addo-Bawumia government to derail the macroeconomic stability achieved since 1992.

He continued: “After careful assessment of the policies implemented by the current managers of the Bank of Ghana, it is clear and without doubt that the deterioration in the macro fundamentals is due to policy missteps since 2019 after exiting the 16th IMF programme.”

Below are portions of the statement delivered by the Minority Leader

The overarching policy for price stability in the context of Ghana is the implementation of prudent monetary policies that ensure general price stability and inflation within a target band of 8%, plus or minus 2%.

What is the reality today? Inflation is currently 43.1% and rising even though projected to be 31.3% by the end of the year. Monetary policy rate is 30% and rising and commercial bank lending rate is 36% and rising. 91 days T-bill rate is now 27% and rising. We, the Minority in Parliament, do not believe that that those who caused the mess at the Bank of Ghana, Addison the printer and his two deputy printers are capable of fixing their own mess.

It requires a new set of leadership at the Bank.

Why are we embarking on the #OccupyBoG protest march?

Our protest march is to back our demand for the immediate resignation of the Governor of Bank of Ghana and his two deputies. They mismanaged the Bank of Ghana and illegally and excessivesly printed money between 2019 to 2022 in contravention of the Bank of Ghana Act, leading to a hyperinflation of 54.1%. This pushed an additional 850,000 Ghanaians from middle income into extreme poverty.

Their reckless mismanagement of the Central Bank also resulted in a loss of GH₵60.8 billion, causing a negative equity of GH₵55.1 billion.

They also illegally wrote off a whopping GH₵48 billion of Government’s indebtedness, as well as other acts of financial malfeasance by the Governor, his Deputies and Directors of the Bank of Ghana as contained in the 2022 Annual Report and Financial Statement of the Bank.

These are the reasons why we are going to embark on the #OccupyBoG protest march on 5th September, 2023.

Source: Today.com.gh