BoG, Dr. Addison sued for alleged mismanagement of cedi

Balbir Violet Allan, a private citizen, has sued the Bank of Ghana. She is also suing its former Governor, Dr. Ernest Addison. Allan claims there has been gross mismanagement of the national currency. This mismanagement has led to significant exchange rate losses since 2017.

Allan is an investor in government treasury instruments. She states that the cedi's value fell drastically from 4.26 to 15.49 per dollar between 2017 and 2025. This decline has severely impacted her purchasing power and caused notable investment losses.

In her lawsuit, filed through law lecturer Dr. John Baiden, she seeks a declaration from the High Court. She wants the court to state that the Bank of Ghana was negligent under Dr. Addison’s leadership.

Allan argues that the central bank failed to manage the currency effectively. This failure resulted in widespread depreciation of the cedi, making it one of the worst-performing currencies globally during Dr. Addison’s tenure.

When he went on terminal leave in February 2025, the exchange rate was 15.49 cedis to the dollar. Allan asks the court to hold both the Bank of Ghana and Dr. Addison accountable for financial losses incurred due to this situation. She also wants a declaration that these exchange rate losses are enforceable against them.