Emmanuel OchayiIn a show of frustration and unity, thousands of Ghanaians clad in somber red and black flooded the streets of Accra on Tuesday.
Their demand was clear: the removal of Central Bank Governor Ernest Addison, whom they blame for mismanaging the nation’s economy, leading to the worst debt crisis in a generation.
This protest shines a spotlight on the economic turmoil gripping Ghana, as joblessness, soaring living costs, and economic hardship weigh heavily on its citizens.
Ghana, renowned for its gold, oil, and cocoa production, is seeking assistance from the International Monetary Fund (IMF) to navigate these turbulent times, with debt restructuring as a key condition for accessing the $3 billion, three-year loan program. Despite Addison’s assurances of improved economic indicators, the ground reality remains grim.
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Meanwhile, across the border in Nigeria, a parallel crisis unfolds, with many also pointing fingers at the central bank’s forex policies. Former Central Bank Governor Godwin Emefiele, who faced criticism for his management of monetary policy amidst a scarcity of the Naira, was eventually ousted and now faces corruption charges.
Both countries find themselves in the throes of monetary challenges, underscoring the broader regional economic difficulties facing West Africa.
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