Investigate huge impairment loss recorded by BoG in 2022 – PPP petitions Parliament

Parliament has been petitioned to investigate and summon the Bank of Ghana Governor, Dr Ernest Addison and his deputies over the huge impairment loss recorded in the 2022 financial year.

The petition which was signed by the National Secretary of the Progressive People’s Party, Remy Edumndson called on Parliament to also summon all directors of the Central Bank over the development.

“The Board of Directors of the BoG include many independent members with significant professional and business experience. We do not understand how they could have sat down and watched on for the alleged wanton dissipation of funds,” a statement from the party read.

It further lamented that compensation payments made to independent directors of the bank even in the midst of an economic crisis and urged Parliament to sanction any individuals found complicit in the huge losses recorded by the BoG.

“Even more worrying is the fact that most of the excessive expenses the BoG made were implemented without parliamentary approval, and therefore unlawful. Parliament as the people’s representatives must rise to the occasion and ensure that the people are well represented in times like this,” the PPP stressed.

Meanwhile, the Bank of Ghana’s leadership have been under intense criticism over the GH¢60.8 billion loss recorded in 2022 but officials have explained that the loss was due to government's decision to undertake a Debt Exchange Programme which equally saw the Central Bank taking close to about 50 percent of the haircuts associated with the debt swap.

The Central Bank has also given the assurance that its balance sheet will not be affected by the second round of the debt exchange programme which is targeting pension funds, cocoa bills and US dollar denominated domestic bonds.

YMA/NOQ