Former deputy governor of the Bank of Ghana explains the mess at the bank

Former deputy governor of the Bank of Ghana explains the mess at the bank

- Dr Asiama has charged government to quickly come to the aid of the Bank of Ghana

- He mentions that the GHiPSS has not made any profit since it was started

Dr Johnson Asiama, a former second deputy head of the Bank of Ghana, has expressed concern about the current state of the central bank.

According to him, the bank is in a financial mess and needs support from government.

Dr Asiamah made observation in an interview with Starr FM on Tuesday, May 15.

He was responding to an official government claim that the BoG had to borrow $4 million to initiate the mobile money interoperability platform.

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The interoperability platform was rolled out by the central bank in order to allow users transact business across networks. It is expected to make transactions faster and less expensive.

Former deputy of the Bank of Ghana says the bank cannot finance its roll-outs.

Broke BoG cannot support its initiatives - Dr Asiama

The platform was expected to be run by the Ghana Interbank, Payment and Settlement System (GHiPSS) but government awarded it to another company. Dr Asiamah was of the view it was because GHiPSS has been running at a loss since its inception.

Dr. Asiama left the Bank of Ghana in December of 2017. He mentioned that the bank is not in the place to raise its own finances.

He continued:

“GHIPSS is saying the Bank of Ghana lent them that money…4 million dollars, I can understand, however, if it amounts significantly above that, Bank of Ghana cannot (support) because I know their resources.”

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Dr Asiamah insisted that refinancing the central bank should be a top government priority. He remarked that it is the only thing that can be done now.

The Mobile Money Interoperability platform has been a controversial initiative by the government. It was launched by the vice president Dr. Mahamudu Bawumia.

It is thought to have cost much less than the GHc 4.6 billion the former administration budgeted for it.

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Source: Yen.com.gh

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