'Your petition is receiving attention' - BoG replies Ayariga on 2023 losses, rising headquarters costs

The Bank of Ghana has addressed the demands made by the Bawku Central Member of Parliament, Mahama Ayariga, regarding information on losses recorded in the 2023 financial statement and the escalating costs associated with its head office.

These demands were made under section 18 of the Right to Information Act 2019 (Act 989).

In response to the MP's inquiries, the central bank has assured that his requests are being given the necessary attention.

They communicated to the MP that he should expect to hear from them soon regarding the information he has requested.

In a letter dated Thursday, June 6, addressed to the lawmaker, the Bank of Ghana encouraged him to await their response, assuring him that they would provide the requested information in due course.

"The Bank acknowledges your receipt of your letter dated June 3, and notes the content thereof.

"We write to inform you that your request is receiving attention," the BoG letter said.

The BoG reported a loss of GH¢10.5 billion for the financial year ending in 2023.

The primary reason for this loss was a significant increase in total interest expenses on open market operations by the Central Bank, which increased by GH¢6.7 billion during the review period.

In August 2023, the BoG also defended its new $250 million headquarters.

In a statement released on Monday, June 3, Ayariga stated, “I write on the instructions of the Minority Leader of Parliament to request for the following information: Detailed particulars of the status of the write-offs made in respect of government’s indebtedness to BoG.

“Reasons for the combined losses of approximately GH¢70 billion as stated in the BoG’s financial statements for 2022 and 2023. The status of the further expenses on the infamous head office building, which costs keep escalating.”

He further asked for “Reasons for recording a policy rate of 30% in 2023 as this is the highest record of policy rate in the last 20 years. Detailed particulars on the costs of the new construction at the premises of the old BoG clinic. Reasons for the total currency issuance expense of GH¢688.87 million as stated in BoG’s financial statement and annual report for 2023.”

AE

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