‘The record speaks for itself’ – BoG Governor defends central bank’s independence

Dr. Ernest Yedu Addison, Governor of the Bank of Ghana (BoG), rejected claims that the central bank lacks independence from the government.

Speaking on Joy News on January 2, he highlighted the BoG’s eight-year record of operating independently, citing years of zero government deficit financing as evidence.

Dr. Addison explained that the pandemic-induced crisis in 2022 necessitated intervention but emphasized that such actions were exceptions, not routine. He opposed calls for further reforms to enhance BoG independence but supported legislative changes to ensure government accountability when borrowing.

Addressing the BoG’s reported GH¢60 billion loss, he clarified that it accumulated over decades due to unpaid government debt and advocated for reforms to prevent future debt accumulation.