Majority Leader in Parliament Osei Kyei-Mensah-Bonsu has countered claims made by the Minority Leader, asserting that the Bank of Ghana (BoG) is not legally required to provide daily reports of its activities to Parliament.
The Minority group in Parliament had demanded the resignations of the central bank’s governor and deputy governors following the BoG’s reported losses of GH¢60.81 billion in the 2022 fiscal year, a sharp decline from the GH¢1.23 billion profit recorded in 2021.
These losses were attributed to domestic debt restructuring and the devaluation of the cedi, among other factors.
Addressing the issue during a news conference on August 8, Minority Leader Dr. Cassiel Ato Forson announced plans for a protest to occupy the Bank of Ghana premises unless the three officials step down.
Dr. Ato Forson called for the governor’s resignation within 21 days, criticizing the management as “inept, callous, and criminal mismanagers.”
In response, however, Kyei-Mensah-Bonsu emphasized the necessity of bipartisan consideration rather than viewing the matter solely through the lens of political factions.
He reminded Dr. Forson, who had previously served as Deputy Minister of Finance, about the BoG’s operations and its integral role in supporting the country’s financial stability.
Kyei-Mensah-Bonsu clarified that the BoG is not mandated by law to furnish daily activity reports to the Parliament.
Instead, the legal requirement pertains solely to the submission of foreign exchange receipts.
The Majority Leader stated that the BoG’s compliance with this specific provision has been consistent.
He further underscored the importance of adhering to constitutional norms, stating that any legislation conflicting with the Constitution becomes null and void.
He encouraged the Minority to thoroughly examine the facts before making exaggerated claims.