Business News

Protests erupt in Accra as Ghanaians demand Central Bank Governor’s resignation

Thousands of Ghanaians flooded the streets of Accra on Tuesday, venting their frustration with the state of the nation’s economy and calling for the removal of the central bank governor, Ernest Addison.

This demonstration comes in the wake of what many consider to be a severe economic crisis, marked by mounting debt and its adverse impact on the lives of ordinary citizens.

The protesters, dressed predominantly in the somber colours of red and black, a symbol of mourning, marched towards the central bank’s headquarters.

Their grievances were clear: they believe the central bank’s leadership has mismanaged the economy, exacerbating the worst debt crisis in a generation.

Joblessness, soaring living costs, and economic hardship have become a heavy burden for Ghanaians, and this protest serves as a poignant reminder of their plight.

Ghana, known for its production of gold, oil, and cocoa, has sought assistance from the International Monetary Fund (IMF) to navigate these turbulent economic waters.

A $3 billion, three-year loan program has been agreed upon, with debt restructuring as one of the key conditions for accessing these funds.

Addison, who has held his position since 2017, expressed optimism that improved economic indicators would lead to higher incomes and purchasing power. However, these assurances have not alleviated the hardships faced by those on the ground.

Amidst the ongoing economic turmoil in Ghana, it’s worth noting the parallel developments in Nigeria that underscore the broader regional challenges facing West Africa.

Nigeria is facing its own monetary crisis which many also blame on the central bank’s forex policies.

This also led to the suspension and eventual ouster of Nigeria’s former Central Bank Governor, Godwin Emefiele who is now facing charges for corruption.

Amidst a scarcity of the Naira, Nigeria’s national currency, the then Central Bank Governor faced mounting criticism for his management of monetary policy.

The scarcity of the Naira, coupled with inflationary pressures and a volatile exchange rate, had a profound impact on the daily lives of Nigerians.