BoG saga: ‘Do your jobs well; what's going on is not proper’ — Otchere-Ankrah to BoG

Headlines BoG saga: Do your jobs well; what's going on is not proper —Otchere-Ankrah to BoG
AUG 11, 2023 LISTEN

Dr. Benjamin Otchere-Ankrah, a Governance lecturer at Central University has slammed the Bank of Ghana (BoG) following the GHS60.8 billion loss it incurred last year.

The Minority held a press briefing dubbed "Moment of Truth" on Tuesday, August 9 2023 demanding the heads of the Governor of the BoG and his deputies for the profligate expenditure.

The Minority called for the resignation of Dr. Ernest Addison, the Governor of the Bank of Ghana, along with his deputies in a 21-day ultimatum.

They even threatened to stage a protest in front of the bank if their demand are not met.

Cassiel Ato Forson, the Minority Leader, disclosed during the event that "the Bank of Ghana recorded a staggering loss of GHS60.8 billion, which is equivalent to $6 billion. This is twice the amount we are to receive from our recent IMF bailout."

The Minority leader attributed these losses to the alleged mismanagement and recklessness of the current Governor of the Bank of Ghana, Dr. Ernest Addison, claiming that such actions have affected the country's economy.

He stated, "This means the recklessness and mismanagement of the Governor of the Bank of Ghana has cost the nation twice what we are struggling and sacrificing to receive from the IMF amid major conditionalities.”

They also raised concerns about the negative equity of over GHS 55.1 billion, indicating a dire financial situation for the bank.

"The bank has also recorded a negative equity of over GHS 55.1 billion. What this simply means is that the Bank of Ghana is insolvent. In other words, the once prestigious Bank of Ghana, the mother of all banks in Ghana, has been bankrupted and collapsed by this NPP economic management team led by Dr Mahamudu Bawumia with the complicity of the Governor of the Central Bank," Dr. Ato Forson said.

Dr. Benjamin Otchere-Ankrah, sharing his views on the matter during an interview on Peace FM's “Kokrokoo” morning show, voiced his disappointment with the situation.

"They should put their things in order; what's going on is not proper...They should do their job well because you have a very huge task.

“Your regulatory and supervisory aspects are not going well," Dr. Otchere-Ankrah emphasized.

Gideon Afful Amoako
Gideon Afful Amoako

News ReporterPage: GideonAffulAmoako