BoG clarifies reason for delays in filing financial statement to Finance Minister

Director of Research at the Bank of Ghana has provided some clarity over claims by the Minority in parliament over what they describe as the banks’ failure to file financial statements for nearly six months.

According to Philip Abradu-Otoo, Section 58(1) (b) of Bank of Ghana Act 2002 (Act 612) requires the Bank to submit to the Minister for Finance an annual report of the Bank for the year and publish same within the six months from the end of the financial year to which the annual report relates.

"The reporting obligation is to the Minister of Finance. Recognizing this fact, the Bank of Ghana informed the Minister of Finance on June 23m 2023 to explain the challenges of the external auditors due to the Domestic Debt Exchange and the delay in the publication of the financial accounts," he said speaking in a phone interview with Accra-based JoyFM.

“There is a copy of this correspondence to the Minister of Finance [Ken Ofori-Atta] but our obligation is to the Finance Minster who then lays the report before parliament,” he added.

Philip Abradu-Otoo however said the Bank remains committed to the public of its reputation and will continue to maintain high standards of professionalism in the discharge of its duties to the best interest of the economy.

Meanwhile, the Ranking Member of the Finance Committee, Isaac Adongo has warned that the Governor, Dr Ernest Addison could face potential legal action if the financial statements are not submitted promptly.

MA