Retiree sues ex-Governor Addison, BoG over cedi depreciation

A Ghanaian retiree, Balbir Violet Allan, has sued the Bank of Ghana and its former Governor, Dr. Ernest Addison, over the cedi’s sharp depreciation.

Filed at the Accra High Court, the suit accuses the former Governor of gross negligence for allowing the cedi to fall from GH¢4.26 to GH¢15.49 per dollar between 2017 and 2024—a drop of 264%.

The plaintiff claims her investment in government treasuries, including ESLA Bonds, has significantly eroded due to the cedi’s decline.

Her lawyer argues that Dr. Addison, also chair of the BoG Board and Monetary Policy Committee, failed to implement policies to stabilise the currency.

She seeks court orders to lift the BoG’s corporate veil and hold both defendants jointly liable for her losses, demanding restitution and a declaration of negligence against the ex-Governor for the cedi’s deterioration.