Associate Professor of Finance at the University of Ghana Business School, Professor Lord Mensah has described as disrespectful Dr. Ernest Addison response to the just ended #OccupyBoG demonstration.
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has stated that he will not act on the calls by the Minority in Parliament and other interest groups to resign.
Speaking in an interview with International Business Website, Central Banking the governor Addison described the demonstration by the Minority as “completely unnecessary.”
“The demonstration yesterday (October 3, 2023) was completely unnecessary,” Addison said, adding that neither he nor his deputies intend to step down.
“The Minority in Parliament have many channels to channel their grievances in civilised societies, not through demonstrations in the streets as hooligans,” Addison added in reference to the #OccupyBoGProtest.
Speaking on Morning Starr with Francis Abban Thursday, Professor Lord Mensah stated that the governor should have been sober with his response considering the level of how Ghana’s economy has deteriorated.
“I think that the response is so quick and as governor that has exposed this economy to the level where inflation is at a level in which when you take up your salary. The purchasing power of your salary is wiped out for more than 40 percent.
“Obviously that shouldn’t be the response. I was thinking that he should have accepted where the economy has been driven to. And then give certain assurance that things are being put in place to calm down the situation. But to respond in a manner as if you are attacking, it shows a sign of disrespect,” Professor Mensah stated.
He continued: “The governor is looking at himself as if he is protected by the laws. If you were financing budget deficits which the Minority thinks you’ve not resorted to Parliament before you scrape off some of the government’s debt. But even if you did not breach any law, you can’t see the economy indicators. Short term interest rates are higher than the long term interest rates.”
Professor Mensah added that the governor should know that current interest rate structures are not what one can use to manage the economy in the long term.