Akufo-Addo must urgently address 'fellow' Ghanaians on BoG insolvency - Ato Forson

Minority Leader in Parliament, Dr Cassiel Ato Forson, has called on President Nana Addo Dankwa Akufo-Addo to, as a matter of urgency, address the nation on measures taken by government to restore the solvency of the Bank of Ghana (BoG).

He explained that where the financial or liquidity position of a regulated institution is in poor shape, the Bank of Ghana will issue directives to address the situation.

His comment comes on the back of the GH¢60 billion loss recorded by the central bank during the 2022 financial year.

In a Facebook post sighted by GhanaWeb Business, Cassiel Ato Forson said, "Given the unprecedented collapse of our central bank, it is imperative for the President of Ghana to urgently address the nation."

"During this address, the President should outline the decisive actions that the government plans to implement in order to restore solvency to the Bank of Ghana," he added.

But the Bank of Ghana has said the main reason for this huge loss is the impairment of the holding of marketable government stocks.

Also, it said all non-marketable instruments of government are being held in the books of the Bank of Ghana.

SA/NOQ

Read the full statement below;

Friends,

In situations where the financials or liquidity position of a regulated institution is in poor shape, the Bank of Ghana will issue directives as follows:

1) Dividend payments will be prohibited, even if the institution generates profits.

2) Granting of new loans will be put on hold.

3) Appointment of new directors will be restricted.

4) capital expenditure will be temporarily suspended.

5) Staff recruitment will be paused, and other similar measures will be taken.

Given the unprecedented collapse of our central bank, it is imperative for the President of Ghana to urgently address the nation. During this address, the President should outline the decisive actions that the government plans to implement in order to restore solvency to the Bank of Ghana.

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