Breaking News: Ghana’s “so-perfect” image takes a hit as it plunges into a debt crisis! Yes, you heard it right, they’re in “Gbese” as the Yorubas would say. Accra, Ghana’s capital, witnessed a massive protest on Tuesday, as thousands voiced their demand for the removal of the central bank governor, blaming him for the worst economic mismanagement in a generation.
The protests reflect mounting frustration with skyrocketing living costs, unemployment, and overall hardship in one of West Africa’s largest economies. It’s like déjà vu from last month’s multi-day protests that gripped the city.
The protestors marched to the central bank’s headquarters, accompanied by riot police, blasting reggae music from speakers and demanding the resignation of bank governor Ernest Addison and his two deputies. Most of them wore red and black, the colors typically reserved for funerals.
Emmanuel Quarcoo, 29, who’s unemployed, expressed, “We want Addison out because he has shown us that he is not able to manage the Bank of Ghana. How can a whole Bank of Ghana go into loss? What are they selling?”
Ghana’s central bank reported a staggering loss of 60.8 billion cedi ($5.3 billion) for 2022, primarily due to debt restructuring.
To combat this crisis, Ghana, known for its gold, oil, and cocoa production, struck a $3 billion, three-year loan deal with the International Monetary Fund, with debt restructuring being one of the prerequisites for accessing these funds.
Ernest Addison, in office since 2017 with two more years to go, promised last month that improved economic indicators would lead to higher incomes and purchasing power. However, a more stable exchange rate, lower inflation, and robust growth have yet to alleviate the struggles of those trying to make ends meet.
Happy Agbezudor, a 45-year-old trader, lamented, “I joined the march today because the cost of living is high. No one is buying our wares, and our children are suffering because we have no money to feed them.”
Ghana’s troubles are far from over. “Wahala” has indeed come knocking on its door
