The Executive is complicit in BoG's GH¢60 billion loss – NDC MP

Dr. Clement Apaak, Member of Parliament for Builsa South, has indicated that the Minority in Parliament will initiate a process to have the house investigate the GH¢60 billion loss during the 2022 fiscal year.

He stated that the disappearance of the money raises questions that must be addressed.

He said that the Bank of Ghana’s statement explaining why it incurred a loss during the 2022 fiscal year demonstrates that the government was complicit in the affair.

He stated that, in addition to the governor and his deputies resigning, the house with oversight duty needed to investigate what caused the loss.

In a tweet, he wrote “Our call on Governors of BoG to resign is in addition to processes we are activating in Parliament to ensure accountability as far as the gargantuan loss of GH¢60 billion. The executive is complicit as the BOG’s own statement indicates. Thus, Parliament is the body to publicly probe this matter.”

Following the Bank of Ghana’s response to their call for the governor and his deputies to resign, the Minority in Parliament fired back at Dr. Ernest Addison, governor of the Bank of Ghana.

The Minority has demanded the resignation of Dr. Addison and his deputies, levelling allegations of gross financial mismanagement within the Bank of Ghana.

But the BoG issued a statement rebuffing allegations of recklessness in their economic oversight and attributing the substantial financial setback to the government’s Domestic Debt Exchange, COCOBOD loans, and the devaluation of the cedi.

The Minority in a statement described the response from the central bank as full of lies and flimsy justifications.

“As a matter of fact, the Bank of Ghana’s unsigned press statement is full of deliberate distortions and flimsy justifications which do not address the serious matters that were raised in our Moment of Truth presser last Tuesday,” the Minority in a statement signed by the Minority Leader, Cassiel Ato Forson pointed out.

“We wish to make the point, that none of the explanations put forward by the Bank of Ghana in its press statement of 9th August 2023 can rationalize or justify the outrageous operational expenditures they engaged in 2022, as reported by their Auditors in the 2022 Annual Report and Financial Statements of the Bank.