ULTIMATUM

Ghana’s central bank boss under pressure to resign over fiscal recklessness

By Kent Mensah

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Posted on August 23, 2023 10:41

Ernest Addison, Governor of the Bank of Ghana talks during the bank’s Monetary Policy Committee new conference in Accra — Ernest Addison, Governor of the Bank of Ghana talks during the bank’s Monetary Policy Committee news conference in Accra, Ghana March 21, 2022. REUTERS/Cooper Inveen

Ernest Addison and his deputies have been given an ultimatum to leave the Central Bank or face the wrath of the opposition party.

Ghana’s opposition party, the National Democratic Congress (NDC) says the central bank is headed into a “bottomless pit” after the treasury recorded a staggering ¢60.8bn ($6bn) loss for the 2022 fiscal year. This is twice the amount the West African country is receiving as relief support from the International Monetary Fund to revive its unstable economy.

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