Minority alleges BoG mismanagement, accuses officials of illegally writing off GH¢48bn govt debt

The Minority in Parliament has raised serious accusations against the Bank of Ghana (BoG), asserting that the bank's management engaged in illegal activities by allegedly writing off approximately GH¢48 billion of government debt.

The opposition claims that these actions have led to the insolvency of the central bank.

During the conclusive debate on the State of the Nation Address

Read full article(SONA) on Monday, March 11, 2024, the Minority Leader, Dr. Cassiel Ato Forson called for accountability from the Bank of Ghana's management.

"The Bank of Ghana is now bankrupt and exists merely in name. In 2022, the Central Bank recorded a colossal loss of over GHS60.8 billion and a negative equity of over GHS55 billion," Dr. Forson said.

Accusing the Governor of the Bank of Ghana and his two deputies of printing money excessively and illegally to finance the government's expenditures, Dr. Forson added, "Without recourse to Parliament, the Governor of the Bank of Ghana and his two deputies wrote off about GHS 48.4 billion of government debt."

He emphasized the severity of these alleged actions, declaring them as "cardinal sins" for which the officials must be held accountable, regardless of the time it takes.