The Member of Parliament for Bolgatanga Central and Spokesperson on the John Mahama Campaign Team for the Economy, Isaac Adongo, has announced that the next National Democratic Congress (NDC) government will overhaul the Bank of Ghana to ensure it fulfils its mandate effectively.
Adongo criticized the current leadership of the Central Bank, under Governor Dr. Ernest Addison, for its failure to manage rising inflation and stabilize the exchange rate.
During an interview with Woezor TV on Monday, October 21, Adongo described the Bank of Ghana as “not fit for purpose,” emphasising the need for Ghanaians to vote for John Mahama to restore economic stability.
“Inflation, when prices are going up; the medicine you use is the herbs that you harvest from that tree called the Central Bank. When your exchange rate is struggling and your external vulnerability is mounting, again you use the herbs from the central bank.
“The third aliment is that the central bank helps to deal with the interest rates. So you have a tree that is fit for purpose in dealing with all these.
“If that tree itself is sick, how does it help you to treat the sickness if its efficacy is required? So you need to reset the herbalist. The reason why we’re having inflation all over the place, interest rates all over the place, and exchange rates all over the place is because the vehicle for dealing with price development itself is not fit for purpose.
“Normally, in monetary terms, we say the BoG is monetary insolvent. The BoG is currently monetary insolvent. In order words, cannot cure this ailment without drinking the same poison that led it to die,” Isaac Adongo stated.