Ghana’s opposition party, National Democratic Congress (NDC), held a demonstration on Tuesday calling for the resignation of Bank of Ghana’s governor, Ernest Addison. 

Members of the party, clad in symbolic colours, red and black, swarmed the streets of the country’s capital, Accra, to voice their concerns over what they perceived as the mismanagement of the nation’s economy. 

Red and black signifies sorrow in Ghanaian culture, and hundreds of protesters were seen in the attire, raising their voices against the high cost of living, soaring inflation, and lingering economic woes plaguing the West African nation.

The protest, which came on the heels of last week’s three-day demonstration, has been dubbed ‘OccupyBoGProtest’, referring to the demand for the resignation of Mr Addison. 

Protesters have attributed Ghana’s hyperinflation to policies they believe are driven by overprinting money to fund government expenditure, a practice they claim has exacerbated the populace’s economic hardships.

Cassiel Ato Forson, the minority leader in parliament, articulated the protesters’ frustrations, stating, “This Akufo-Addo government, together with the governor, haven’t been fair to Ghanaians. 

“In fact, Governor Addison printed for Akufo-Addo for them to live a champagne lifestyle. We can’t continue this way. Ghanaians are struggling and finding it difficult to survive. Some are struggling to eat three times a day. We want this government out.”

As a major exporter of gold and cocoa, Ghana has been trying to recover from its worst economic crisis, aided by a $3 billion relief support package from the International Monetary Fund (IMF). 

Although inflation has shown signs of decline, hitting a 10-month low of 40.1 per cent in August, down from 43.1 per cent in July, protesters argue that living costs remain prohibitively high.

Reverend Sebastian Akpaloo of Christ Kingdom Worldwide Ministries, a participant in the protest, expressed the sentiment of many when he said, “The president is not listening to us. There is no money in the system. There is hardship, and I give money to people every day to get food to eat. I pay people’s school fees. So, what again? We cannot carry guns and cutlasses. A leader must listen to the people.”

Despite calls for dialogue and accountability, government officials have declined interviews, leaving many protesters feeling unheard and frustrated.

Economist Daniel Amateye Anim, associated with the Accra-based Policy Initiative of Economic Development Africa, offered a solution-oriented perspective. 

He emphasised the need for the government to curtail expenditures and concentrate on policies aimed at job creation to alleviate the plight of ordinary Ghanaians. 

In July, the World Bank projected a modest 1.5 per cent growth for Ghana’s economy in the current year, with expectations of expansion to 2.8 per cent in 2024. 

These forecasts fall short of the 3.1 per cent growth reported in 2022, underscoring the pressing need for comprehensive economic reforms to address the concerns raised by the protesters.