BoG under fire as Minority claims GH¢48bn state debt illegally written off

The Minority in Parliament has levelled accusations against the Bank of Ghana (BoG) management, alleging their involvement in illegal activities related to the write-off of around GH¢48 billion in government debt.
The caucus contends that these actions have led to the insolvency of the central bank.

During the concluding debate on the State of the Nation Address (SONA) held on Monday, March 11, Dr. Cassiel Ato Forson, the Minority Leader, emphasised the necessity for accountability from the BoG’s management.

“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.

“The Governor of the Bank of Ghana and his two deputies illegally and excessively printed money to finance the government’s over-bloated expenditures. Mr Speaker, the Governor of the Bank of Ghana and his two deputies, without recourse to Parliament, wrote off about GHȼ48.4 billion of government debt.”

They emphasised that this is a grave matter that Ghanaians should not overlook, urging accountability from the leadership of the Bank of Ghana.

“These are the cardinal sins for which the Governor and his two deputies must be held accountable, however long it takes,” he asserted.
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