Thousands of people in Ghana’s capital Accra marched on Tuesday to demand the removal of the central bank governor over alleged mismanagement of the economy during a severe debt crisis. These protests reflect growing frustration with the high cost of living, unemployment, and hardship in one of West Africa’s largest economies. Similar protests took place in the city last month.
The protesters made their way to the central bank’s head office, accompanied by riot police. They played reggae music and called for the resignation of bank governor Ernest Addison and his two deputies. Many of the protestors wore red and black attire, which are typically worn at funerals.
“We want Addison out because he has shown us that he is not able to manage the Bank of Ghana,” said Emmanuel Quarcoo, a 29-year-old unemployed individual.
Ghana’s central bank recorded a historic loss of 60.8 billion cedi ($5.3 billion) in 2022, primarily due to debt restructuring. This loss has fueled the dissatisfaction of the public, as Ghana grapples with economic challenges.
Ghana, known for its production of gold, oil, and cocoa, has secured a $3 billion, three-year loan program from the International Monetary Fund (IMF) to address its financial situation. Debt restructuring is one of the requirements for receiving these funds.
Addison, who has held the position of bank governor since 2017 and has two more years in office, stated last month that improved economic indicators would lead to higher incomes and purchasing power. However, these positive developments have not yet benefited those struggling to meet their basic needs, as they still face a stable exchange rate, high inflation, and sluggish growth.
“I joined the march today because the cost of living is high. No one is buying our goods, and our children are suffering due to lack of funds to feed them,” said Happy Agbezudor, a 45-year-old trader.
Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Sofia Christensen; Editing by William Maclean
Credit: The Star : News Feed
