A private citizen has filed a lawsuit against the Bank of Ghana and its former Governor, Dr. Ernest Addison, over the significant depreciation of Ghana’s currency and the resulting exchange rate losses since 2017.
Balbir Violet Allan, who identifies as an investor in government treasuries, claims that the sharp depreciation of the cedi—from 4.26 in 2017 to 15.49 in 2025—has significantly eroded both her purchasing power and the value of her investments.
She is therefore requesting that the High Court declare the Bank of Ghana grossly negligent in managing the Ghanaian Cedi under the leadership of Dr. Ernest Addison. Additionally, she is seeking a ruling that the resulting exchange rate losses should be held enforceable against both the Bank of Ghana and Dr. Addison.
Plaintiff’s Case
According to the writ, filed by law lecturer Dr. John Baiden on her behalf, the private citizen argues that the Bank of Ghana has a legal obligation to maintain the stability of the cedi’s value. She emphasizes that when Dr. Addison assumed office in 2017, the exchange rate stood at 4.26 GHS to 1USD.
However, she notes that by the time Dr. Ernest Addison proceeded on terminal leave on February 3, 2025, the exchange rate had risen sharply to 15.49 GHS to 1 USD. She further claims that, in her view, the cedi became one of the worst-performing currencies globally under the leadership of the former Bank of Ghana Governor.
She asserts that this depreciation led to significant exchange rate losses, a decline in her purchasing power, and substantial losses to her investment capital. According to her, Dr. Addison failed to exercise due care in managing the country’s currency during his tenure.
