GH¢48.4m debt: BoG now bankrupt and exists merely in name - Ato Forson

The Minority in Parliament has accused the management of the Bank of Ghana (BoG) of engaging in illegal activities.

The caucus claims the said activities relate to the writing-off of around GH¢48 billion in government debt.

The Minority claims that the situation has led to the insolvency of the central bank.

Dr. Cassiel Ato Forson, the Minority Leader, levelled the allegations while concluding a debate on the State of the Nation Address delivered by the president recently.

“The Bank of Ghana is now bankrupt and exists merely in name. In 2022, the Central Bank recorded a colossal loss of over GH¢60.8 billion and a negative equity of over GH¢55 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 GH¢48.4 billion of government debt.

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