Bank Of Ghana Loses GH¢60 Billion: Minority Slams Central Bank For Losing Money To Debt Restructuring

Bank Of Ghana Loses GH¢60 Billion: Minority Slams Central Bank For Losing Money To Debt Restructuring

  • The Minority has said it is strange that the Bank of Ghana would lose money in the Domestic Debt Exchange Programme (DDEP)
  • A ranking member on the finance committee of Parliament Isaac Adongo has said the central bank is unable to undertake monetary policy without printing money
  • Speaking on behalf of the Minority after the 2023 mid-year budget presentation on July 31, the MP said the Bank of Ghana is broke

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The Minority caucus in Ghana's Parliament has criticised the Bank of Ghana for recording a loss in revenue due to the Domestic Debt Exchange Programme (DDEP).

The Minority MPs, like many analysts, said they are marvelled by the revelation contained in the central bank's annual financial report for the year ending 2022.

The Bank of Ghana said it lost close to GH¢60 billion.

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E-levy: Government misses revenue targets for controversial tax by over GH¢500 million

NDC MP Isaac Adongo says the Bank of Ghana is broke.
Isaac Adongo (L) and BoG Governor Dr Ernest Addison. Source: Facebook/@The Socialists TV. Gh, Getty Images.
Source: UGC

Bank of Ghana not fit for purpose

Reacting to economic issues facing the country after the finance minister presented the 2023 mid-year budget review to Parliament on July 31, 2023, a ranking member on the finance committee of Parliament Isaac Adongo said the country is in crisis.

Adongo's views while speaking on behalf of Parliament contrast with the finance minister's assessment during the mid-year budget presentation.

“All the monies in our banks that they forced them to save with the Bank of Ghana, which we call the Prudential Reserve, have gone to waste," Adongo said.

He said the figures from the mid-year budget review show that the central bank owes GH¢48 billion thanks to the government, but the BoG itself has a debt of GH¢22 billion.

"What this means is that the Bank is not fit for purpose because it cannot undertake monetary policies without printing money because it doesn’t have money,"he said.

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Mid-year budget: Minority slams Ofori-Atta for saying the economy is getting better

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Ofori-Atta announced that Ghana's economy is bouncing back

Meanwhile, YEN.com.gh has reported in a separate story that the finance minister presented the 2023 mid-year budget review to Parliament on Monday in accordance with the law.

Ken Ofori-Atta said the economy was making modest gains in efforts to reverse the severe economic hardship that hit hardest in 2022.

According to him, macroeconomic indicators show that Ghana's economy is bouncing back to life, among other claims.

Government misses E-Levy revenue targets by over GH¢500 million

Also, the government could not meet its revenue target for the electronic transaction levy set for the first half of 2023.

The government missed the electronic transaction levy revenue target sent by over 50%, according to the 2023 budget review.

The finance ministry has had to revise its revenue targets downward for 2023 by over GH¢1 billion.

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Source: YEN.com.gh

Authors:
George Nyavor avatar

George Nyavor (Head of Politics and Current Affairs Desk) George Nyavor writes for YEN.com.gh. He has been Head of the Politics and Current Affairs Desk since 2022. George has over 9 years of experience in managing media and communications (Myjoyonline and GhanaWeb). George is a member of the Catholic Association of Media Practitioners Ghana (CAMP-G). He obtained a BA in Communications Studies from the Ghana Institute of Journalism in 2010. Reach out to him via george.nyavor@yen.com.gh.

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