The Member of Parliament for North Tongu and ranking member of the Foreign Affairs Committee of Parliament, Samuel Okudzeto Ablakwa has strongly criticised the leadership of the Bank of Ghana (BoG), reiterating calls for the removal of the BoG Governor and his deputies.

Ablakwa's comments in an interview on Joy SMS, come in the wake of Tuesday’s mass protest in Accra organised under the "#OccupyBoG" banner.

During the interview with Kojo Yankson on Wednesday morning, Ablakwa praised the massive turnout of protesters who gathered to express their concerns about the state of the Ghanaian economy and the actions of the central bank's leadership.

The protest was initially met with opposition from the police, who had sought to prevent it, citing concerns of potential violence and even a coup, as indicated in court documents.

Ablakwa emphasised that the protesters demonstrated their commitment to peace and adherence to the law, sending a powerful message that it is the leaders responsible for the country's economic challenges who should be held accountable, not the citizens exercising their right to protest.

“You saw the crowd, it was really a mammoth attendance and the protesters were very well-behaved. You recall that earlier there were attempts by the police to stop us, they went to court saying that this demonstration could turn violent, ridiculously they even said that it could lead to a coup, which is the court document they filed and that we should be made to stay far away from the Bank of Ghana. I am glad that we demonstrated, the masses, the good people of this country demonstrated yesterday that if there are any group of people the police or anybody should be worried about, it is those who are breaking our laws, those who are destroying the economy, those in leadership, who are running down the country, not the masses who want to speak up, who want to rise up, who want to protest and ensure that the right thing is done.”

Regarding the petition that he said was central to the protest, Ablakwa clarified that their grievances were primarily directed at the BoG Governor and his deputies. They had intended to present the petition to the governor to underscore the depth of public discontent with his leadership, which they argue has resulted in significant economic turmoil.

For Ablakwa, the BoG is facing severe financial challenges, being technically insolvent and bankrupt.

The bank has reported incurring losses of GHȼ6.8 billion, described as an unprecedented loss, and has allegedly printed currency amounting to 77 billion in violation of its own regulations, without parliamentary approval.

“As we speak the central bank is technically insolvent, is bankrupt, has depleted their reserves, he has made losses of 6.8 billion which has never happened, and then even more troubling, he has printed currency illegally to the tune of 77 billion in flagrant violation of Section 30 of his own Act. He printed 77 billion without parliamentary approval, an illegal conduct.

So we insist that he must resign. He and his deputies must leave the central bank. So the least he could do was to show up and receive the petition. But he continued with his disdain, disregard for the Ghanaian people just as he is flouting our laws with impunity, he decided that he won't show up and he sent his head of security to receive the petition, which we flatly refused to hand over to the head of security. We told them in very clear language that we will come back. We insist that it is the governor we want to see, he is the one we want to hand over this petition to and he is the one we want out of that office. No, we are not handing over any petition to a head of security...”

Ablakwa firmly insisted that the BoG Governor must resign, along with his deputies, for plunging the country into its current challenges.

In response to comparisons with previous demonstrations, Ablakwa pointed out that when his political party was in power, senior officials such as Deputy Chief of Staff Valerie Sawyerr and Cabinet Minister Dr. Omane Boamah a received petition from protesters, demonstrating a higher level of respect for the demonstrators and their concerns.

He further criticised the BoG for failing to send any senior officials to accept the petition on Tuesday, emphasizing that the head of security's role does not equate to that of a Deputy Chief of Staff in the government.

Ablakwa argued that the conduct of the BoG leadership, including illegal activities and financial mismanagement, warranted a higher level of accountability and respect for the Ghanaian people.

He asserted that the BoG leadership had caused significant harm to the Ghanaian economy, leading to inflation, job losses, and the collapse of financial institutions.

Ablakwa therefore called for a stronger stance against impunity and a return to adherence to the rule of law in the country.