BoG Governor, Ernest Addison

The Minority in Parliament will be pushing for Parliamentary probe of the Ghc60 billion Bank of Ghana (BoG) loss.

The Member of Parliament for Builsa South, Dr. Clement Apaak said the minority is determined to ensure a probe of this unprecedented loss by the Bank of Ghana (BoG) occasioned by the refusal by the bank to obey the Bank of Ghana Act.

“The leader of the NDC in Parliament had made it clear that the Akufo-Addo/Bawumia NPP gov’t connived with the bank of Ghana to violate the Act, and in so doing must be held to account on behalf of the people,” the lawmaker stated in a tweet.

“The Bank of Ghana is the bank of Ghanaians, it’s owned by Ghanaians. Therefore, the money lost as a result of the decision to yield to the illegal pressure by the Akufo-Addo and Bawumia government to print money illegally to finance an expanded government expenditure instead of following the act, and thereby seeking parliamentary approval, cannot be excused.

“Equally, the government does not have the right to purport to write off debt it owes the Bank of Ghana, in principle, Ghanaians.”

The leader of the NDC in Parliament, Dr. Ato Forson, had made it clear that the Akufo-Addo and Bawumia NPP gov’t connived with the Bank of Ghana to violate the Bank of Ghana Act, and in so doing, must be held to account on behalf of the people.

“The question BOG must answer is that; if at the time the Bank of Ghana recorded successive years of profit under NDC/Mahama government (2012-2016), the managers of the bank did not consider a new office complex an urgent priority but rather invested in the construction of the BOG hospital to support the healthcare needs of the country, how can BOG prioritize a new $250 million dollar office complex at a time it has recorded an unprecedented loss of GHS60.8 billion and a negative equity of GHS55.1 billion?

“It is instructive to note, that the cost of the ill-timed new head office complex the BOG is rapidly putting up is four times the cost of the ultramodern Ecobank Head Office building and six times the cost of Kempinski hotel in Accra,” Mr. Ato Forson stated.

He continued “In fact, our conservative estimates show that the cost of the new head office complex the BOG is putting up can build at least, 3,750 new six (6)-unit classroom blocks to expand access to education or at least 3,500 CHP compounds to improve the access to health care delivery in the country.

“We wish to state unequivocally for the records, that at no point has the Finance Minister presented a report to Parliament informing the house of the attainment of the 5% borrowing threshold or the setting of a new limit of government borrowing as required by section 30 of the Bank of Ghana Act. Nor has the Finance Minister sought the approval of Parliament for BOG to write-off any public funds, as required by section 53 of Public Financial Management Act 2016 (Act, 918).”

Source: Ghana/