Debt Exchange Programme has nothing to do with BoG Independence, says BoG Governor

Dr. Ernest Yedu Addison, Governor of the Bank of Ghana (BoG), rejected claims that the central bank’s independence was affected by the government’s debt exchange program, calling it a necessary response to a national crisis.

Speaking on Joy News on January 2, he emphasized that the program was a "life-and-death matter" aimed at averting economic collapse, drawing comparisons to Sri Lanka’s crisis.

Dr. Addison explained that the IMF’s strategy involved financing the government while declaring a debt standstill and exchange to stabilize the economy. He refuted suggestions that the BoG could have minimized the shocks, asserting that the central bank’s actions were in line with the IMF’s framework and critical to Ghana’s recovery.