Bank of Ghana deemed unfit for purpose by Minority

The Bank of Ghana has come under strong criticism from the Minority in Parliament, with the group asserting that the central bank is not competent for its designated role.

The Minority laments that the BoG is unable to execute monetary policies without resorting to printing money.

According to the Bank of Ghana’s recent audited report, it has registered GH¢60 billion in losses during its debt restructuring exercise.

In response to the Finance Minister’s presentation of the mid-year budget review to Parliament, Isaac Adongo, the Ranking Member on the Finance Committee, expressed dissatisfaction, stating that the government has not successfully turned the situation around.

He said: “All the funds in our banks, which they compelled to save with the Bank of Ghana under the Prudential Reserve, have gone to waste. The foreign currency borrowed to support the Cedi has also been depleted. In fact, even if we deduct the GH¢48 billion government debt, the Bank of Ghana still faces a GH¢22 billion deficit. This indicates that the Bank is inadequate for its role as it cannot execute monetary policies without resorting to printing money due to its lack of funds.”