The Director of Communications for the New Patriotic Party (NPP), Richard Ahiagba, has described the #occupyBoG protest as pointless since the real facts of the performance of the Bank of Ghana (BoG) are evident for all to see.
According to him, other Central Banks in the world have worse debt positions that has not impeded their ability to carry out their monetary policy mandate.
In a Tweet, Mr. Ahiagba, was full of praise for the Ghana Police Service for the level of professionalism displayed during the protest march from the Obra spot to the premises of the Bank of Ghana (BoG). He however, insisted that, the available facts render the protest led by the Minority in Parliament pointless
“While it is pointless to demonstrate against BOG at this time because the facts are evident, the Ghana Police Service has done a good job of shepherding a peaceful demonstration organized by an opposition that offers no alternatives.” he stated.
He further noted that right to demonstrate is the heartbeat of democracy and all stakeholders must work together to deepen it at all times.
“This is the sound of democracy, and ours is alive and well. Let’s work together to deepen it. The Bank of Ghana is not alone. The following Central Banks have run even higher debt but it has not impeded their ability to carry out their policy mandate.” he noted
The NPP Communications Director, therefore enumerated some of the Central Banks that have more challenges dealing with their debt positions but have the cooperation of all stakeholders to continue carrying out their mandates.
“The Reserve Bank of Australia (RBA) recorded a 2022 book loss of 37 billion Australian dollars. The UK Government faces a £150 billion bill to cover the Bank of England’s losses (According to the Financial Times of July 25, 2023).”
“The Swiss National Bank (SNB) in early January reported a record preliminary loss of 132 billion francs for 2022. In September 2022, the central bank of the Netherlands notified the country’s government in a letter that it projects net interest losses amounting to a potential EUR 9 billion for the years 2023 through 2026.”
“The US Federal Reserve (Fed) has no longer been able to remit weekly billion-dollar transfers to the US Treasury since autumn 2022.”
Mr. Ahiagba reiterated the fact that the Ghanaian economy is recovering fast after the havoc caused by COVID-19 in 2022 and that the NDC are worse in managing the Ghanaian economy.
“Our economy came up against a global storm in 2022, but we are building quickly out of it. So, indulge me when I say the NDC is not an option for Ghana because whenever they are in power, they run the economy very badly.” he concluded.