IN a significant display of discontent, thousands of demonstrators flooded the streets of Ghana’s capital, Accra, on Tuesday, demanding the removal of the central bank governor, Ernest Addison, over perceived mismanagement of the economy during what is described as the worst debt crisis in a generation. These protests are the latest manifestation of frustration stemming from mounting living expenses, unemployment, and economic hardship in o
ne of West Africa’s largest economies. Similar multi-day protests had already gripped the capital just last month.
The vibrant crowd marched toward the central bank’s headquarters, with a backdrop of riot police overseeing the procession. Reggae music echoed from speakers as participants donned the customary red and black attire typically reserved for funerals. Their collective demand echoed loudly: the resignation of bank governor Ernest Addison and his two deputies.
‘We want Addison out because he has shown us that he is not able to manage the Bank of Ghana,’ exclaimed Emmanuel Quarcoo, a 29-year-old who is currently unemployed. ‘How can a whole Bank of Ghana go into loss? What are they selling?’ he questioned.
The central bank of Ghana reported a staggering loss of 60.8 billion cedi ($5.3bn) for the year 2022, primarily attributed to debt restructuring. Ghana, known for its production of gold, oil, and cocoa, has entered into an agreement with the IMF for a $3bn, three-year loan programme aimed at addressing t
he ongoing economic challenges. Debt restructuring stands as one of the prerequisites for accessing these funds.
Governor Addison, who has held his position since 2017 with another two years remaining in his tenure, expressed last month that improved economic indicators would eventually translate into higher incomes and increased purchasing power. However, the stabilisation of the exchange rate, decreased inflation, and more robust economic growth have yet to provide relief
to those grappling with the escalating cost of living.
‘I joined the march today because the cost of living is high. No one is buying our wares, and our children are suffering because we have no money to feed them,’ lamented Happy Agbezudor, a 45-year-old trader.
As protests continue to reverberate through the streets of Accra, the public’s call for change in response to economic struggles remains a focal point, emphasising the urgent need for economic stability and solutions to alleviate the burdens p
laced on ordinary Ghanaians.
