An open letter, penned by Ebenezer Mensah, an NDC grassroot member from Amenfi West in the Western Region, has been addressed to Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), urging him to resign from his position. Ebenezer Mensah argues that Dr. Addison’s appointment, made by the previous administration, makes his continued tenure incompatible with the vision of newly elected President John Mahama. Citing the precedent set by a previous governor who resigned upon a change in government, Ebenezer Mensah suggests that Dr. Addison’s continued presence could be detrimental to the new administration’s economic objectives. His arguments also alludes to controversial economic policies during Dr. Addison’s tenure, including a significant loss by the bank, high policy rates, and the revocation of bank licenses. He expresses concern that his continued stay will sabotage the economy and he does not share the same vision with the current President. This open letter presents a contentious and politically charged argument.
The Core Argument: Incompatibility with New Leadership:
The central argument of the letter is that Dr. Addison’s appointment by the previous government makes it inappropriate for him to continue serving under the new leadership of President John Mahama. He draws a parallel to the resignation of Dr. Abdul Nashiru Issahaku in 2017, who stepped down as Governor of the Central Bank following the change of government, suggesting that it was a matter of principle. Mr.Mensah claims that since he was appointed by another President, it will be a conflict of interest to remain in post.
Allegations of Political Bias:
Ebenezer Mensah suggests that Dr. Addison’s appointment was motivated by a desire to assist the previous administration’s policies, particularly in printing money to support government expenditures. He alleges that he has helped the government that appointed him by printing monies when they needed and that this is a conflict of interest. This accusation casts doubt on Dr. Addison’s impartiality and ability to serve under a new government with different economic priorities.
Criticism of Dr. Addison’s Economic Policies:
Mr. Mensah proceeds to criticize Dr. Addison’s tenure, highlighting several controversial economic policies, including the significant loss incurred by the bank in a single year, the high policy rate of over 27%, and the revocation of licenses of some banks. These criticisms underscore concerns about Dr. Addison’s leadership and highlight some of the negative policies under his leadership. These issues have brought challenges to the country and the economy and the writer is concerned they could be repeated under the current government.
Contrasting Visions:
Mr.Mensah asserts that President John Mahama was not elected to close banks or cause high inflation through illegal printing of currency, implying that Dr. Addison’s policies do not align with the new administration’s mandate. This is a crucial point in the letter as it suggests that the new government has a new vision that is opposite to the vision of Dr. Addison. He also implies that since Dr. Addison’s visions are different to the current President, he should therefore resign.
Call for Resignation:
The letter makes a direct and firm call for Dr. Addison to resign, emphasizing that his continued stay in office would be a form of “sabotage” to the economy. He uses an analogy to Sammy Awuku and others from the former government who resigned due to their principled beliefs and not their incompetence. He suggests that this is a move that Dr. Addison needs to take. He believes there are other economists and bankers who can do a better job. The letter states that it is only on principle and not an attack on his person.
Threat of Petition and Acceptance of Taxes:
The letter concludes with a veiled threat that if Dr. Addison fails to resign, he will petition President Mahama to remove him through all legal means and accept paying the E-Levy and Betting Tax to help the cost that will incur, in the process. This underscores the depth of Mr.Mensah’s convictions and resolve. He shows his dissatisfaction with Dr. Addison by stating this threat. He also indicates that though he is against the E-Levy and Betting tax, he is willing to accept it to foot the cost that will be incurred by his removal.
The open letter to Dr. Ernest Addison is a politically charged and critical message, arguing that his continued tenure as Governor of the Bank of Ghana is incompatible with the new government’s vision. The letter calls for Dr Addison to show good leadership and step aside. The claims made in the letter raise several questions about the impartiality of his leadership as well as the economic policies of the former government. Mr.Ebenezer Mensah is clearly calling for a change in leadership at the Bank of Ghana.