The Minority in Parliament has directed Governor of the Bank of Ghana (BoG), Dr. Ernest Addison to reinstate over 32 billion Ghana cedis government debt written off under the Domestic Debt Exchange Programme (DDEP).
The Bank of Ghana in 2022 recorded losses in excess of 60 billion cedis.
Addressing the media Minority spokesperson on the Finance Committee, Isaac Adongo argued the decision to write off the debt without a resolution from parliament breaches the Public Financial Management Act and thus null and void.
The Bolgatanga Central MP questioned the basis upon which auditors for the Central Bank, Deloitte Ghana failed to flag the illegality in their report.
“He should now bring you free money so you can survive, meanwhile you are busy writing off your debt to the person, what sense is this? If he had money to pay while didn’t he pay his debt? The person says I can’t pay you and has agreed to write off. Now you are saying that after writing off it looks like I’m suffocating I am going to die. Can you give me some free money?
“Your first port of call is the government pays you your money back. As a matter of fact, go and tell the government that you couldn’t get the 32 billion Ghana cedis because it is against the law. We don’t have a Parliamentary resolution to cover that write off. Go back and tell them,” Mr. Adongo stated.
He continued: “When they were doing the DDEP did anybody get a haircut on principal? Did any financial institution suffer a haircut on principal? Was it on interest and interest is in respect of the future. So how come when he came to you, you decided to accept a haircut from your principal? Is it because it is not your money?”
Source: Ghana/Starrfm.com.gh/103.5FM
