Thousands of Ghanaians flooded the streets of Accra on Tuesday, venting their frustration with the state of the nation’s economy and calling for the removal of the central bank governor, Ernest Addison.
This demonstration comes in the wake of what many consider to be a severe economic crisis, marked by mounting debt and its adverse impact on the lives of ordinary citizens.
The protesters, dressed predominantly in the somber colours of red and black, a symbol of mourning, marched towards the central bank’s headquarters.
Their grievances were clear: they believe the central bank’s leadership has mismanaged the economy, exacerbating the worst debt crisis in a generation.
Joblessness, soaring living costs, and economic hardship have become a heavy burden for Ghanaians, and this protest serves as a poignant reminder of their plight.
Ghana, known for its production of gold, oil, and cocoa, has sought assistance from the International Monetary Fund (IMF) to navigate these turbulent economic waters.
A $3 billion, three-year loan program has been agreed upon, with debt restructuring as one of the key conditions for accessing these funds.
Addison, who has held his position since 2017, expressed optimism that improved economic indicators would lead to higher incomes and purchasing power. However, these assurances have not alleviated the hardships faced by those on the ground.
Amidst the ongoing economic turmoil in Ghana, it’s worth noting the parallel developments in Nigeria that underscore the broader regional challenges facing West Africa.
Nigeria is facing its own monetary crisis, which many also attribute to the central bank’s forex policies.
This also led to the suspension and eventual ouster of Nigeria’s former Central Bank Governor, Godwin Emefiele who is now facing charges for corruption.
Amidst a scarcity of the Naira, Nigeria’s national currency, the then Central Bank Governor faced mounting criticism for his management of monetary policy.
The scarcity of the Naira, coupled with inflationary pressures and a volatile exchange rate, had a profound impact on the daily lives of Nigerians.
I think the protesters are just being delusional and narrow minded by blaming their central bank governor alone for their economic woes. The entire federal government should be held accountable from the president to the law makers. African democracy is 90% kleptocracy. They announce beautiful economic policies / projects to placate the people, but have no intention of following through because they and their minions are working behind the scenes to divert a large chunk of the funds meant for the project, thereby scuttling their own policy knowing fully that the masses would not hold them accountable for the policy failure. Until Africans can find a way to hold their leaders accountable for their failures and offences, I don’t see any way out of the current mess..
So protests are not a way of holding leaders “accountable”?
Anyway, the current Nigerian government is blaming the previous CBN Governor (who somehow “resigned” in the secret police’s detention) for Nigeria’s economic woes, so one cannot really blame citizens for following suit.
I didn’t criticize the protests but exclusion of other politicians involved. For instance, although the president cannot be everywhere, but he has the prerogative to sack any non-performing member of his team because the president should be accountable(to the people) for the actions of his team members. Failure to take action implies the president is either complicit or incompetent, either of which warrants public condemnation and being targeted in the protests.
In the case of Nigeria, corruption trials of high profile public officials and politicians have become a sort of publicity stunt and diversionary rigmarole that culminates more often than not, into a parody of justice, hence I think that Nigerians would be very naive to think that the current trial of their immediate past CBN governor would yield much, especially if genuine efforts are not made by prosecutors to identify and charge as many of his accessories and collaborators as possible.