Friday, 23 February

#OccupyBoG demo has spurred Governor into action - Lecturer

General News
Dr Daniel Osabutey

A senior lecturer at the Economics Department of Accra Technical University (ATU) in the Greater Accra Region has acknowledged that the Minority's 'Occupy BoG Demo' has spurred the management of the central bank into action. 

Dr Daniel Osabutey commended the Bank of Ghana (BoG) for addressing concerns raised during the demonstration regarding the institution's perceived wasteful expenditures.

Dr Osabutey expressed his appreciation for the bank's recent efforts in communicating with the public through timely press releases and other means. 

However, he urged the Minority to separate politics from the monetary management of the economy, emphasising that monetary policy is independent of political considerations.

He echoed the sentiment that weak economic fundamentals can leave the country's currency vulnerable.

These sentiments, reminiscent of Dr Mahamudu Bawumia's statements when he was a running mate, remain relevant, according to Dr Osabutey. 

He shared these thoughts during a discussion segment on Ghana Yensom, Accra100.5FM's morning show hosted by Odehyeeba Kofi Essuman on Wednesday, December 6, 2023.

The Minority in Parliament, following their 'Occupy BoG Demo,' insisted that the Bank of Ghana Governor, Dr Ernest Addison, personally receive their petition. 

Their demonstration was prompted by concerns over the central bank's losses in 2022 and alleged illegal printing of over GH¢80 billion.

The demonstration that took place on Tuesday, September 5, saw several Ghanaians marching in protest to the BoG's mismanagement of the economy.

 

In response, Dr Addison clarified that the central bank provided funding for the government only in 2020 and 2022 during the COVID-19 pandemic when capital market investors declined to lend to the government. 

 

The NDC MPs, however, rejected his explanation, emphasising their dissatisfaction with what they perceive as mismanagement of the Bank of Ghana's affairs.

Source: Classfmonline.com/Cecil Mensah