Bank of Ghana Governor Ernest Addison “is a competent professional of quiet courage”, Finance Minister Ken Ofori-Atta has praised, pointing out: “In these nearly seven years, we have worked together to ensure: the inviolability of the banking system; the establishment of the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana; the raising of over $10 billion in the Eurobond market and AfriExim bank”.
In an article titled: ‘Standing Strong With The Bank of Ghans’, Mr Ofori-Atta said Dr Addison has done a lot for Ghana’s financial landscape and, thus, deserves praise and support from Ghanaians rather than accusations and disdain.
“He brought inflation down to single digits of 7.9% for the first time; and managed an impressive period of currency stability in our country including the implementation of the Gold-for-Oil programme”, he noted.
In the article, Mr Ofori-Atta said: “It is either simply the height of irony or a sad reflection of the state of public discourse in our country that this man, steps up in a period of unprecedented global economic meltdown and domestic economic crises, and he is being pilloried for his good work”.
“The challenges that confront us are surmountable, as we can all bear witness to the fact that the economy is beginning to turn the corner, and we are confident that ‘He who began a good work in [us] will carry it on to completion’ (Phil 1:6)” Mr Ofori-Atta quoted.
The article comes amidst plans by the minority caucus of parliament to demonstrate against Dr Addison for “mismanaging” the central bank leading to a loss of GHS60.8 billion in 2022 with a negative equity of GHS55.1 billion.
The minority is also vexed by the decision of the bank to write off a GHS48.40 billion debt owed by the Akufo-Addo government without parliamentary approval.
Furthermore, the minority says the decision by the bank to use GHS250 million for the construction of a new headquarters, was insensitive to the times.
Defending that decision, Mr Ofori-Atta wrote: “Some developments appear expensive in the short term but will actually turn out to provide the right impetus for more innovation and reforms and a can-do spirit for the long term”.
“l will urge this mindset for us to address our common future. I, therefore, ask for restraint in our choices and actions as we pursue our democratic rights… for “‘All things are lawful’, but not all things are helpful. ‘All things are lawful’, but not all things build up” (1 Cor 10:23).
In his view, “national cohesion should remain paramount for us all”, adding: “These are critical times when the two institutions, MoF and BoG, have synchronised their efforts to achieve expedited responses from the IMF, the World Bank, the Paris Club, and China to enable us to rebuild confidence and for our economy to turn the corner in record time as evidenced by a 4.2% growth in GDP, declining inflation, and a stabilised currency”.
“We have, in the past few weeks, successfully completed the DDEP with over 90% tendering of cocoa bills, domestic dollar bonds, and pension fund investments while making the first DDEP coupon payments of GHS2.4 billion to honour the government’s obligation to domestic bondholders on 22nd August 2023 and about GHS2.3 billion on 5th September 2023 to pension funds bondholders. We are in like manner, looking forward to successful negotiations with the Paris Club and our Eurobond investors”.
President Akufo-Addo’s cousin urged: “This should be a period to build hope and hitch all our wagons together in order to take our community across the Jordan. This is a period in which we must as a nation work with equanimity and dispel any cloud of nihilism. We cannot continue to contend with the old Promethean punishment which frustrates the steady regeneration of our economy”.
“We must be mindful and deliberate in fighting with a fierce sense of urgency to guarantee economic freedom and social mobility for all and critically social cohesion. We must work together with a spirit to build up and not to tear down, as we progress our democracy”, he cautioned.
“I am confident that working together, this nation will not only prevail, but enjoy prosperity for ‘Behold, the people are one, and they have all one language… and now, nothing will be restrained from them which they have IMAGINED’ (Genesis 11:6)”.
CNR