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Ghana protesters demand central bank governor resign

Ghana protesters demand central bank governor resign
Ghanaians hold placards as they gather to protest against   -  
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NIPAH DENNIS/AFP or licensors


Thousands of Ghanaians flooded the streets of Accra on Tuesday, demanding the removal of the central bank governor, Ernest Addison, citing mismanagement of the economy during a severe debt crisis. 

This crisis, described as the worst in a generation, has fueled growing frustration over rising living costs, unemployment, and economic hardships in one of West Africa's largest economies. Similar protests had already gripped the capital last month.

The demonstrators, under the watchful eye of riot police, marched to the central bank's headquarters, all while playing reggae music from speakers and echoing calls for Addison and his two deputies to step down. Many participants donned red and black attire, symbolizing mourning.

Emmanuel Quarcoo, 29, who is currently unemployed, expressed his dissatisfaction, stating, "We want Addison out because he has shown us that he is not able to manage the Bank of Ghana. How can the Bank of Ghana incur such a significant loss? What are they selling?"

In July, Ghana's central bank reported a record loss of 60.8 billion cedi ($5.3 billion) for 2022, primarily due to debt restructuring. In response to the crisis, Ghana, known for its production of gold, oil, and cocoa, has entered into a $3 billion, three-year loan program with the International Monetary Fund (IMF). Debt restructuring is one of the prerequisites for accessing these funds.

The protests underscore the mounting concerns and calls for accountability amidst economic challenges in Ghana.

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