Ghana (Commonwealth) _ Thousands of people protested in Accra, the capital of Ghana, calling for the removal of the governor of the central bank for what they claim is poor economic management during the greatest debt crisis in a generation.
The protests are the most recent manifestation of anger over growing living expenses, unemployment, and suffering in one of West Africa’s largest economies. Last month, similar multi-day protests erupted in the capital.
Under the watchful eye of riot police, the throng marched to the central bank’s headquarters while blasting reggae music from speakers and demanding the resignation of bank governor Ernest Addison and his two deputies.
Members of Ghana’s main opposition party, the National Democratic Congress, also demonstrated in the nation’s capital against what they claim to be the governor of the central bank’s poor management, as well as against the high cost of living and rising inflation. It comes after a three-day strike last week against the country’s ongoing economic crisis in West Africa.
Wearing red and black, which in Ghanaian culture stand for a sense of sadness, Hundreds of protestors brandished posters with the slogans “Save Ghana now,” “President Akufo-Addo is wicked,” “We cannot buy medicine,” “We are dying,” and “Fix the country” while chanting revolutionary songs.
The “OccupyBoGProtest” demonstrators called for the resignation of Ernest Addison, governor of the Bank of Ghana, or BoG, due to hyperinflation in the West African nation. Addison is now in office.
The marchers, who were heavily guarded by riot police, accused the head of the treasury of overprinting money to pay for the government’s alleged profligacy, which they claimed had caused economic hardship.
According to Cassiel Ato Forson, the minority leader in parliament, both the Akufo-Addo administration and the governor haven’t been fair to Ghanaians. In fact, Governor Addison gave Akufo-Addo instructions to enjoy a life of champagne. We can’t go on like this. Ghanaians are battling and having a hard time surviving. Some people find it difficult to eat three times a day. This administration must go.
After agreeing to $3 billion in IMF relief financing, Ghana, a key supplier of gold and cocoa, is gradually emerging from its greatest economic crisis. Since July, when it was 43.1%, inflation has been falling, reaching a 10-month low in August at 40.1%. However, protesters claim that living expenses are still too high. One of the demonstrators was Reverend Sebastian Akpaloo of Christ Kingdom Worldwide Ministries. “The president is not listening to us,” declared Akpaloo.
“The system doesn’t have any money. People are struggling, and I daily donate money so they can buy food. I cover people’s tuition costs. And now what? Cutlasses and weapons cannot be carried. A leader should pay attention to the people. Officials from the government rejected VOA’s request for an interview.
In order to improve the situation of common Ghanaians, according to economist Daniel Amateye Anim of the Policy Initiative of Economic Development Africa, the government must cut spending and concentrate on initiatives that would lead to job creation. The World Bank predicted that Ghana’s GDP will rise by 1.5% this year and 2.8% in 2024 in its July forecast. The forecasts don’t reach the 3.1% growth noted in 2022.
In July, Ghana’s central bank announced a record loss for 2022 of 60.8 billion cedis ($5.3 billion), primarily as a result of debt restructuring. Ghana has agreed to a $3 billion, three-year credit package with the International Monetary Fund to aid with the issue. One of the requirements to receive those funds is debt restructuring.
Having held the position since 2017, Addison has a two-year remaining on his contract. Last month, he predicted that stronger economic indicators will soon result in higher salaries and purchasing power.
