Reports emanating from the Bank of Ghana (BoG) paint a gloomy picture of a dysfunctional institution. It has been buckled by lack of effective control and massive administrative lapses, and this is beginning to raise concerns among management and staff.
The Herald has been informed about how the Governor of the BoG, Dr Ernest Addison, has lost control of the institution to the 2nd Deputy Governor, Elsie Addo Awadzi, who has been taking the day to day administrative and operational decisions of the Central Bank.
Insiders, have attributed Dr Addison’s inability to manage the Bank effectively to ill-health, saying he has since late 2021 been spending more time outside the country attending to his health needs, including having to undergo a specialized heart-related surgery in the UK at a point.
The Herald learnt that the BoG boss, has drastically reduced his stress level and spends less time in the office even when in the country. He is mentioned as less active these days and mostly operating from home after ceding most of the administrative duties to the 2nd Deputy Governor.
Claims are that, DrAddison’s many medical trips abroad and absence from administrative duties, created room for the printing of over GH¢41 billion worth of new notes for the Akufo-Addo government in 2022, leading to the hyperinflation that the country is witnessing now with living conditions getting worse by the day.