Isaac Adongo, the ranking member of Parliament’s Finance Committee, has slammed Finance Minister Ken Ofori-Atta’s portrayal of Bank of Ghana Governor Ernest Addison as a qualified professional.
Adongo, who is also the Member of Parliament for Bolgatanga Central, claims Addison’s economic management has been terrible.
“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 stated this during an appearance on Citi FM’s Eyewitness News on Thursday.
Adongo also accused Addison of ineffectively managing the cedi.
“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 cited Addison’s accomplishments during his tenure, including ensuring the banking system’s inviolability, 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 overseeing an impressive period of currency stability in the country.
Adongo, on the other hand, rejected these accomplishments, claiming that they had been obscured by Addison’s failings.
“What the Central Bank Governor has done is the worst record that wipes off his entire career in the sector,” Adongo said.
