General News of Tuesday, 4 June 2024
Source: www.ghanaweb.live
2024-06-04Ato Forson accuses BoG of building multi-million dollar residence for the Governor
Dr. Cassiel Ato Forson
Dr. Cassiel Ato Forson, the Minority Leader in Parliament, has disclosed that the Bank of Ghana (BoG) is constructing a multi-million dollar residence for its governor at the former site of the BoG Clinic in Ridge, Accra.
In a post on X on Monday,
Read full articleJune 3, Dr. Forson, a former Deputy Finance Minister, expressed concerns over the demolition of the clinic, claiming it was done to make way for the governor’s new residence.
Dr. Forson criticised Governor Ernest Addison for continuing with the project despite the significant financial losses reported by the BoG.
He highlighted that the Bank of Ghana reported a massive loss in 2023, amounting to 150,000% of its stated capital.
He argued that such poor financial performance does not justify large-scale construction projects like the one currently in progress.
"In 2022, Bank of Ghana made a colossal loss of over 600,000% of its stated capital of GHS10 million. The Bank made another loss equivalent to 150,000% of its stated capital in 2023. Is this poor record of performance comparable to any central bank?"
“Yet, apart from ongoing construction of a new HQ with about USD250 million, the Bank of Ghana is also building a new multi-million dollar residence for the Governor at where the Bank of Ghana Clinic used to be at Ridge in Accra."
