The Bank of Ghana (BoG) has refuted claims that it is bankrupt, following a letter from a Member of Parliament (MP) announcing a planned protest against the bank’s leadership.
Bernard Otabil, the bank’s Director of Communication, emphasized that the BoG is “policy solvent” and financially stable.
He pointed to the 2023 annual report which details the bank’s efforts to fight inflation.
These efforts, while successful in bringing down inflation from 54.1% to 23.2%, came at a cost of over GHC8 billion, contributing to a loss in 2023.
Otabil also highlighted the impact of the 2022 Domestic Debt Exchange Programme on the bank’s finances.
He argued that if the BoG had not absorbed these losses, Ghana’s pension funds would have been devastated.
Regarding concerns about excessive spending, Otabil assured the public that the Bank follows a strict budgeting process. Every department plans and budgets their activities for the coming year, with oversight from a board subcommittee. Only approved activities are funded, and all procurement procedures are followed.
This statement comes in response to a letter from the MP for Bawku Central, Mahama Ayariga, acting on behalf of the Minority Leader in Parliament, Dr Cassiel Ato Forson.
The letter notified the police of a planned protest against the governors and board of the Bank of Ghana scheduled for July 30th, 2024.
