The Minority in Parliament has accused the leadership of the Bank of Ghana (BoG), alleging financial improprieties and the illicit cancellation of GH¢48 billion in government debt.
These allegations came up during the conclusive debate on the State of the Nation Address (SONA) on March 11.
Minority Leader, Dr. Cassiel Ato Forson, voiced his concerns over the lack of transparency and accountability at the BoG’s upper echelons.
According to him, the bank, once synonymous with financial stability, is now purportedly insolvent.
Dr. Forson stated, “The Bank of Ghana is now bankrupt and exists merely in name. In 2022, the Central Bank recorded a loss exceeding GHȼ60.8 billion, with its equity plunging into a deficit of over GHȼ55 billion.”
The allegations extend to the Governor of the Bank of Ghana and his deputies, including claims of unauthorized money printing to support government spending and the inappropriate write-off of GHȼ48.4 billion of government debt without due parliamentary approval.
He expressed concerns regarding the governance of the country’s financial system and the importance of upholding principles of transparency and accountability within key monetary institutions.
The Minority leader demanded accountability from the BoG’s leadership which he described as “cardinal sins” that mark a critical juncture in the fiscal responsibility and the oversight of regulatory bodies.
