The National Communications Officer of the National Democratic Congress (NDC) has asserted that if the NDC comes into power, they will initiate legal proceedings against the Governor of the Bank of Ghana, Dr. Ernest Addison, and his deputies.
He maintains that despite the possibility of them leaving the country in the near future, they will be held accountable for their actions, particularly for overseeing the substantial GH¢60 billion losses incurred.
Sammy Gyamfi emphasizes that Dr. Ernest Addison is not exempt from the law and will be subject to prosecution by a future NDC government. Speaking during an interview with Captain Smart on OnuaTV on August 9, 2023, Gyamfi revealed that both the governors and board of directors responsible for the Central Bank’s significant debt will face legal consequences if found guilty by the court.
Gyamfi asserted in Twi, “Ernest Addison is jail bound, he is destined for jail because nothing can save him. From what he has done, there is no way Addison will not be prosecuted, no way. It is impossible, even if he goes to Kuwait, we [NDC] will make sure he faces prosecution, including his governors and board. Is he above the law? In this rule of law era? Nobody is above the law, he will face full accountability on many other things, including this [GH¢60 billion losses].”
Gyamfi further attributes the losses incurred by the Bank of Ghana to the excessive printing of money, which in turn led to an increase in inflation. He explains, “See, the more the Bank of Ghana prints money for the government, the more the nation suffers because he is eroding the income of the citizens, and that’s the reason behind Ghana’s economic challenges with last year’s inflation rising up to 54.1%.”
In the background, the Bank of Ghana encountered substantial losses in 2022 due to the Debt, Debt Exchange Program (DDEP), as indicated in its 2022 Annual Report and Financial Statement. The report reveals that the central bank’s holdings of government debt underwent restructuring, with non-marketable holdings of Government of Ghana instruments subjected to a 50 percent haircut, including long-term stocks and a Covid-19 Bond. These factors led to impairments and revaluation losses, ultimately resulting in a negative equity position for the bank.