International
Ghanaians Protest Against Economic Struggles, Call For Central Bank Governor’s Removal
Eko Hot Blog reports that thousands of Ghanaians Flood the Streets of Accra, Calling for Central Bank Governor’s Removal Amid Economic Woes.
In a mass demonstration on Tuesday, protestors in Accra demanded the ousting of Ernest Addison, the central bank governor, citing concerns about the worsening economy. They also called for the dismissal of Maxwell Opoku-Afari and Elsie Addo Awadzi-Addison, the deputy governors.
Ghanaians protest
These protests come on the heels of similar demonstrations last month, highlighting the frustration with Ghana’s persistently rising living costs.
According to a 2023 World Bank report, a combination of domestic imbalances and external shocks in the previous year contributed to macroeconomic challenges in Ghana.
Throughout the year, Ghana faced a slew of economic challenges, including currency depreciation, surging inflation rates, and declining investor confidence.
The 2023 World Bank report highlights that these issues were compounded by pre-existing fiscal vulnerabilities, including a mounting debt burden, a budget strained by high energy sector costs, and consistently low public revenues. These vulnerabilities were exacerbated by challenging global economic conditions, ultimately pushing the country into a full-blown crisis.
Adding to the turmoil, Ghana’s central bank reported a staggering loss of 60.8 billion cedi in July 2022, primarily attributed to debt restructuring efforts.
As one of Africa’s largest gold-exporting nations, Ghana sought assistance from the International Monetary Fund (IMF) and secured a $3 billion facility—a three-year loan programme aimed at addressing the economic situation.
Despite assurances from Ernest Addison, who has held the position of central bank governor since 2017, promising improved economic indicators and increased incomes, many Ghanaians continue to grapple with financial hardships, fueling the recent protests in Accra.
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