The Minority in Parliament has accused the Bank of Ghana (BoG) management of financial misconduct, claiming their involvement in unauthorized activities that resulted in a GH¢48.4 billion write-off of government debt.
These allegations emerged during the final debate on the State of the Nation Address (SONA) on March 11, raising concerns about the central bank’s governance.
Dr. Cassiel Ato Forson, the Minority Leader, criticized the situation, calling for an urgent need for transparency and responsibility at the highest levels of the BoG. He argued that the bank, previously seen as a pillar of fiscal integrity, now faces a crisis of solvency.
“The Bank of Ghana is now bankrupt and exists merely in name. In 2022, the Central Bank recorded a colossal loss of over GHȼ60.8 billion and a negative equity of over GHȼ55 billion,” declared Dr. Forson.
The allegations against the Governor of the Bank of Ghana and his deputies include claims of unauthorized money printing to prop up government expenditures.
Moreover, the accusation that GHȼ48 billion of government debt was written off without proper parliamentary oversight further deepens the controversy.
This unravelling situation strikes at the core of financial governance, spotlighting concerns about transparency and accountability within the nation’s monetary institutions. The Minority’s insistence on holding the BoG leadership accountable signals a pivotal moment in the discourse on fiscal responsibility and regulatory oversight.
“These are the cardinal sins for which the Governor and his two deputies must be held accountable, however long it takes,” emphasized Dr. Forson.