Retiree Sues Bank of Ghana and Former Governor Over Cedi Depreciation

A Ghanaian retiree has taken the Bank of Ghana (BoG) and its former Governor, Dr. Ernest Addison, to court, accusing them of gross negligence in the management of the Ghanaian cedi—a failure she claims has cost her dearly.

Balbir Violet Allan, a resident of Adabraka in Accra, filed the lawsuit at the Accra High Court, seeking accountability and compensation for the severe decline in the value of her investments, especially in government-backed instruments like ESLA Bonds. Her legal representation is being handled by The Liberty Institute Law Firm, led by lawyer John E. Baiden.

Cedi Crash Under Scrutiny

In her suit, Ms. Allan argues that the dramatic depreciation of the cedi during Dr. Addison’s tenure as Governor significantly devalued her investments. When Dr. Addison assumed office in February 2017, the cedi traded at GH¢4.26 to the US dollar. By the time he went on terminal leave in February 2025, the rate had ballooned to GH¢15.49—a staggering depreciation of approximately 264 percent.

According to the plaintiff, this decline did not occur in a vacuum. She contends that as head of the BoG and chair of both its Board and Monetary Policy Committee, Dr. Addison was responsible for ensuring monetary stability—a responsibility she believes he failed to fulfill.

Legal Claims

The lawsuit states that the former Governor allowed the cedi to be subjected entirely to market dynamics, such as supply and demand in the forex market, without a credible, lawful plan to maintain stability. This hands-off approach, the plaintiff argues, resulted in severe volatility and erosion of public confidence in the currency.

“The second defendant has so controlled and conducted the affairs of the first defendant in a manner that extensive harm has befallen the cedi, including that of the plaintiff’s,” the writ reads.

Reliefs Sought

Ms. Allan is asking the court to pierce the corporate veil protecting the Bank of Ghana and to hold both the institution and Dr. Addison personally liable for her losses. Her demands include:

• A declaration that Dr. Addison was grossly negligent in managing the cedi through his leadership of the BoG.

• A declaration that the exchange rate losses she incurred are enforceable against both the BoG and Dr. Addison jointly and severally.

She claims that unless the court intervenes, she has no other means of recovering the value lost in her life savings and investments.

Prior to filing the suit, Ms. Allan said she formally notified Dr. Addison of her intent to pursue legal action if no efforts were made to address the cedi’s depreciation. After receiving no response, she proceeded to court.