BoG accused of writing-off GHS 48bn debt without Parliamentary approval

Accusations of financial impropriety have been leveled against the management of the Bank of Ghana (BoG), as the Minority in Parliament alleges their involvement in illicit activities leading to the write-off of approximately GH¢48 billion in government debt.

This was brought to light during the conclusive debate on the State of the Nation Address (SONA) on March 11, which has cast a shadow over the central bank’s stewardship.

Dr. Cassiel Ato Forson, the Minority Leader, delivered a scathing critique, underscoring the pressing need for accountability within the BoG’s top echelons. He contends that the institution, once regarded as a stalwart of financial stability, now languishes in a state of insolvency.

“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 GHȼ48.4 billion of government debt was written off without proper parliamentary oversight further deepens the controversy.

This unraveling 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.

Source:norvanreports