BoG Governor, Ernest Addison

The Minority in Parliament has warned the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison that he will face prosecution if he fails to comply with the Bank of Ghana Act which requires monthly publication of the financial statements of the Central Bank.

Addressing the media in Parliament the Minority spokesperson on Finance, Isaac Adongo disclosed that the Central Bank has for the past 6 months failed to gazette and publish its financial statements.

The Bolgatanga Central MP further warned the speaker of Parliament will be made to subpoena Dr. Addison who has been evading the finance committee if he fails to comply this time around

“There’s a very sad development in our country today. We are all aware that our economy is in a mess, and part of the reason we are in this mess is that Dr. Addison of the Bank of Ghana has mismanaged the Bank of Ghana.

“As we speak today, the BoG under the leadership of Dr. Addsion is always quick to revoke the licences of financial institutions that are not complying with the BoG Act. But the BoG itself is not complying with its own Act. And it raises serious red flags for our country, the BoG printed and pumped a lot of money to fund the government activities last year and the year before. Leading to very high levels of inflation, interest rates and an unprecedented depreciation of the cedi,” Mr. Adongo stated.

He continued: “We have been waiting to receive the gazetting and publication of the Bank of Ghana’s own financial statements, which, by law, should have been published by the end of April of the year. We are now half a year through the year, and all the banks have complied with the filing of their returns to the Bank of Ghana. Those reports include what we call long-form reports, which are very detailed audited reports of the banks. Breaking down every single item on the balance sheets of the banks. In order that we can see the bank for who it is. The Bank of Ghana is not able to comply with its own law to do the very things the other banks are doing. The Bank has not filed and published its financial statement.”

Touching on the recently paid matured coupons to domestic bold holders, Isaac Adongo charged finance minister Ken Ofori-Atta to ensure no matured coupons go into arrears ever again.

Source: Ghana/