The Ranking Member of Parliament’s select committee on state Enterprises, Dr. Kwabena Donkor says the Bank of Ghana is insensitive and managerially incompetent.

This comes on the back of the a recent expose by North Tongu MP, Samuel Okudzeto Ablakwa revealed that at the height of the COVID 19 pandemic, the Central Bank requested and gained approval through single source the renovation of a 50-bed guest house in Tamale to De Simone Limited at a cost of GHS139.9million.

Speaking on Starr Today with Joshua Kodjo Mensah, Ranking Member of Parliament’s select committee on state Enterprises described the move as scandalous and wasteful recent revelations the Bank of Ghana in 2020 sought single source approval.

“I am flabbergasted by the unbridled expenditure of the Bank of Ghana, indeed a profligate expenditure is probably a better description. This institution in 2023 made historic losses in the billions of cedis. In the same year they were putting up a new head office in excess of two hundred million dollars.

He said the public was angered with such development on the Bank of Ghana the micro-economy is depressed.  

According to him, Bank of Ghana situation was so bad their Ghanaians suffered haircut through the Domestic Debt Exchange Programme (DDEP)  

“If the Bank of Ghana was a private entity it could have been declared bankrupt with its negative equity. It surprises me that the Bank of Ghana under the leadership of the board and management is so oblivious to the tight state in which the Ghanaians economy is.

“It’s own monetary failure has taken interest rates to a historical level and yet the Bank of Ghana continues to be insensitive. It is so surprising. They have become so unprofessional, they have thrown prudent management to the dogs. I am so disappointed in the Bank of Ghana,” Dr. Donkor stated.    

Source: Ghana/