Bank of Ghana Governor rejects calls for resignation

The Governor of the Bank of Ghana, Ernest Addison, has made it clear that he will not resign from his position despite facing opposition calls for his resignation. The calls for his resignation stem from the recent Occupy Bank of Ghana protest, which was sparked by the current economic crisis in the country. To shed light on the factors that have fueled this call for resignation and the impact it may have on Ghana's economic climate, John Gatsi, Dean at the University of Cape Coast School of Business, joined CNBC Africa for a discussion. Gatsi highlighted key issues surrounding the central bank's lending practices to the government, the implications of Ghana's participation in an IMF program, and the potential negative signaling to the international investment community. The interview delved into the complexities of Ghana's economic challenges, including issues related to monetary policy, ways and means advances, and overall economic structure. The discussion also raised concerns about the signals being sent to investors and the need for a more measured response from the central bank governor. Despite the positive moves from the IMF and some green shoots in the economy, questions remain about the government's handling of expenditures, COVID-19 relief funds, and the accountability of financial management in Ghana. Gatsi emphasized the importance of addressing corruption, fiscal mismanagement, and the need for transparency in financial audits to restore confidence and stability in the economy.