Ranking Member of Parliament’s Finance Committee, Isaac Adongo, has dismissed Finance Minister Ken Ofori-Atta’s description of Bank of Ghana Governor Ernest Addison as a competent professional.
Adongo, who is also the Member of Parliament for Bolgatanga Central, said Addison’s handling of the economy has been disastrous.
“Is that how you describe someone as professional? That you ignore the laws and wipe out the entire money reserve that is the basis of all monetary policy actions of the government? You have destroyed all of them making the BoG unfit for purpose,” Adongo said in an interview on Eyewitness News on Citi FM on Thursday.
Adongo also accused Addison of failing to manage the cedi effectively.
“If the cedi stabilises at 30% in 2016 and you have moved it to 54%, we should praise you because you managed it better some time ago? Why have you suddenly forgotten how you did it if you are a professional?” Adongo asked.
Adongo’s comments come after Ofori-Atta defended Addison’s work in an article titled “Citizens – Standing Strong with the Bank of Ghana.”
Ofori-Atta said Addison had achieved a number of successes during his tenure, including ensuring the inviolability of the banking system, establishing the Consolidated Bank of Ghana (CBG) and the Development Bank of Ghana, raising over $10 billion in the Eurobond market and AfriExim bank, bringing inflation down to single digits of 7.9% for the first time, and managing an impressive period of currency stability in the country.
However, Adongo dismissed these achievements, saying they had been overshadowed by Addison’s failures.
“What the Central Bank Governor has done is the worst record that wipes off his entire career in the sector,” Adongo said.
