Bank of Ghana criticized for failure to file financial statements

Isaac Adongo, the Deputy Ranking Member on the Finance Committee of Parliament, has criticized the Governor of the Bank of Ghana, Dr. Ernest Addison, for failing to file the financial statements of the central bank for nearly six months.

Isaac Adongo argues that the Bank of Ghana is not complying with its own Act, despite being quick to revoke licenses of non-compliant financial institutions. Adongo has warned the Governor of potential legal action if the financial statements are not submitted promptly.

In a press briefing in Parliament, Isaac Adongo expressed his concerns, stating, "This is a Bank of Ghana that pumped and printed a lot of money to fund government activities last year and the year before, leading to very high levels of inflation, high levels of interest rate, and an unprecedented depreciation of the cedi."

He further added, "We have been waiting to receive the gazette and the publication of the Bank of Ghana's own financial statement which, by law, should have been published by the end of April 2023. We are now halfway through the year, and all the banks have complied with the filing of their returns to the Bank of Ghana. But Bank of Ghana is not able to comply with its own law to do the very things that other banks are doing. The bank has not filed and published its financial statement."

Adongo revealed that the Minority Caucus is prepared to take action against the Governor, either through Parliament or a lawsuit.

He warned, "He should remember that he has dragged people to court over the violations of the Bank of Ghana Act... that same level of accountability will be extended to him... The long arm of the law is waiting for him."

Adongo urged the Board of Directors and auditors of the Bank of Ghana to thoroughly investigate the matter, cautioning that they could be considered accomplices if they fail to do so. He emphasized the need for scrutiny of the bank's loan book and warned of potential repercussions for auditors found to be concealing the true state of affairs.

The failure of the Bank of Ghana to file its financial statements within the mandated timeframe has raised concerns about transparency and adherence to the Bank of Ghana Act. The potential legal action from the Minority Caucus puts pressure on the Governor to address the issue promptly.

YNA/WA