Minister for Finance, Ken Ofori-Atta has expressed his backing for the Governor of the Central Bank, Dr Ernest Addison, to remain in his position.

He opposes the Minority's call for his removal or resignation in the wake of the Bank of Ghana's financial losses in 2022.

In a write-up on September 14, the Finance Minister asserted that Dr. Ernest Addison is a dedicated professional who is actively contributing to the country's development.

“Governor Addison is a competent professional of quiet courage. 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.”

“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.

“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 Minority in Parliament has criticized the Governor of the Central Bank and his deputies following the announcement of a GH¢60.8 billion loss for the year 2022.

Dr. Cassiel Ato Forson, the Minority Leader, has raised concerns about Dr. Ernest Addison's decision to allocate $250 million for the construction of a new central bank headquarters while the Bank is facing financial challenges. He has accused the BoG Governor of resorting to printing money to fund this project.

“The Bank of Ghana does not have money but spending $250 million for a new head office, which means he is printing additional money to finance this project,” Dr Forson alleged.

During a news conference held on Monday, August 8, Minority Leader Dr. Forson declared that if Dr. Addison and his deputies do not step down from their positions, the NDC will organize and rally concerned citizens to occupy the central bank.

But in a response, the BoG explained that the current “building also does not have the required strength to withstand the expected imposed significant earthquake loads that would be expected to occur in the Accra area.

It said, “Based on the above and looking at the strategic objective of positioning Ghana as the financial hub of the subregion, with prospects of a potential Headquarters for a future regional Central Bank, the Board and Management of the Bank considered a new Head Office building as the most important priority project to support the operational efficiency of the Bank.”

The Bank said it also places it “in a very good position to be the host of the regional Central Bank as we currently host the West African Monetary Institute (WAMI) of the Sub-region.”

On the matter, the Finance Minister has appealed to the Ghanaian populace for their support in the construction of the new headquarters for the Bank of Ghana (BoG).

He emphasized that the central bank requires a modernized infrastructure to align with its evolving operations, especially as Ghana is the host country for The African Continental Free Trade Area (AfCFTA) headquarters and aspires to become the financial services hub of the continent.

“With respect to the BoG’s new headquarters, the evidence is clear that decisions to build had already been made long before these ‘losses’ occurred.”

“It is important for us to support such a critical institution to modernise its operations and have a befitting office space for a country that hosts the AfCFTA and has the vision to become the financial services hub of the continent.”