A Political Science lecturer at the University of Ghana, Professor Ransford Gyampo, has recommended that the governor of the Bank of Ghana, Dr Ernest Addison, takes lessons in the tenets of democracy that creates the kind of environment conducive for the work of the central bank and Ghanaians to thrive.
Prof Gyampo’s comments come on the back of the central bank’s governor’s response to the Minority’s call on him to resign from office.
The Political Science lecturer’s recommendations stem from his opinion that the BoG governor appears to have a very infinitesimal understanding of the system of government run in the country, hence the need for him to take the lessons otherwise Dr Addison’s “attitude is going to be the cause of many demonstrations that would peak our political temperature and create unnecessary tension”.
The Minority in Parliament had organised a protest dubbed #OccupyBOG to call for the removal of Dr Addison and his two deputies from office.
But the BOG governor has unequivocally stated that he will not resign from his position despite demands from the Minority NDC caucus.
He dismissed the recent calls for his resignation, labeling the demonstration on October 3 in Accra as “completely unnecessary”.
He made it clear that neither he nor his deputies have any intention of leaving their positions, emphasising that the Minority in parliament have alternative channels to address their grievances.
“The Minority in Parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans,” Dr Addison added.
In an open letter to the BoG governor, on Thursday, 5 October 2023, Prof Gyampo described Dr Addison’s response to the tax payers and demonstrators as “unprecedented.”
“You want to determine how they voice their dissatisfaction about your abysmal performance? You described them as hooligans for demonstrating against you? Please who are you? Are you a demi-god or some deified ancestor-incarnate?” Prof Gyampo quizzed.
He further quizzed: “Isn’t it under your watch that the BoG has negative equity? If my understanding of negative equity is correct, it means the BoG has no money to operate, and if so, where are you getting money for the construction of your new headquarters? Borrowing to soak us into more debt or printing more money?”
The Political Science lecturer reiterated that the BoG became “insolvent” under the current governor.
“The BoG is currently insolvent under your watch and it doesn’t lie in your mouth to offer your own definition of what insolvency is. It is an insult to our intelligence to get us into this quagmire, and still marshal the audacity to tell us that the BoG is technically not insolvent because, it is a state entity. If there’s no money, there’s no money.
“You spent about 137 million on vehicle maintenance; collapsed over 400 banks and micro-finance companies; printed over 700 trillion within 2 years; and depleted our foreign reserves. Yet you still want to determine how the tax payer reacts to your decision to choose excessive partisanship over competence?” Prof Gyampo rebuked.
He reminded the central bank governor that despite the economic challenges facing the country and the numerous calls for the resignation of the Finance Minister, and President Nana Addo Dankwa Akufo-Addo, none has responded in an arrogant manner.
“Your attitude and response epitomises what my father referred to as IMPUNITY PERSONIFIED. The President of the land has received several calls for his resignation and your boss, Ken Ofori Atta, is still being asked to resign or be sacked. None of these have responded arrogantly like the way you have,” Prof Gyampo said.
He stressed that: “Printing money does not make you owner of human life and human rights and respectfully, sir, you portray a certain high level poverty, if all you have is the money you have printed, which makes you arrogant in insulting tax payers who are unhappy with your abysmal performance.
“This isn’t how Governors G.K Agamah, K. Dufuor, P. Acquah, and N. Ishahakku handled the BoG. These chaps were simply sober and competent.”
The Political Science lecturer also reminded the BoG Governor that he would one day have to account to Ghanaians whether or not he resigns.
“Whether you resign or not, you would by all means account one day, for your stewardship either in heaven or in hell or in prison or in your home,” he asserted.
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