GH¢60bn loss: 'BoG's expenditure justification strengthens our clamour for Addison's exit' - Ato Forson

Bank of Ghana Governor Ernest Addison ans his deputies must be held responsible for mismanaging the central bank, Minority Leader Cassiel Ato Forson has said.

Reacting to the bank's justification for its 2022 expenditures, which the main opposition National Democratic Congress deems as wasteful, Dr Forson tweeted: "I've seen @thebankofghana attempting to justify their actions! This further strengthens our stance that Dr. Addison and his deputies (the Printers) should be held responsible for the mishandling of the central bank and their blatant disregard for our laws! #AddisonMustGo".

Apart from making a loss of GHS60.8 billion, the Auditor-General's report also revealed that the bank has a negative equity of over GHS55.1 billion.

Among other things, the report revealed that millions of Ghana cedis were expended on running the bank, which the NDC has described as a "waste on frivolous administrative" things.

For instance, the Bank of Ghana spent GHS131.6 million on motor vehicle maintenance and running in 2022 alone - a 114% increase over the previous year’s expenditure.

Similarly, foreign and domestic travels of the bank cost the Ghanaian taxpayer GHS97.4 million, which is about 246% increase over the previous year.

The bank, according to the NDC, "also dissipated another GHS8.6 million on Director’s remuneration alone", which represents about an 87% increase over the previous year’s expenditure.

"This simply means that Ghanaians were charged a 'mismanagement fee' to deliver the collapse of the bank", Dr Forson told journalists on Tuesday.

Additionally, he said the bank further claimed to have spent "a colossal GHS357.9 million on banking supervision expenses".

The A-G's report also disclosed that the bank spent GHS67.9 million on computer expenses while communication expenses amounted to GHS32 million.

The report said other undisclosed expenses amounted to GHS287.8 million of the taxpayer’s money.