Mahama to BoG: Stop using DDEP as a cover up for your loss

The central bank posted losses totalling GHC60.81 billion for the 2022 financial year. This compares to a profit of GHC1.23 billion recorded in the 2021 financial year

Former president John Mahama has taken a swipe at the Bank of Ghana (BoG) for attributing its recent losses mainly to the government domestic debt exchange programme.

The central bank posted losses totalling GHC60.81 billion for the 2022 financial year. This compares to a profit of GHC1.23 billion recorded in the 2021 financial year.

The losses were a result of the government’s domestic debt restructuring activities and the depreciation of the cedi, among other effects.

The BoG’s audited financial statement for 2022, which was released on Friday (28 July) indicated that as of 31 December 2022, the total liabilities of the central bank and its subsidiaries exceeded its total assets by GHC54.52 billion.

Sharing his views on the development in a tweet on Thursday (10 August), Mahama said: “An incompetent Finance Minister damages the economy and uses COVID-19 and Ukraine/Russia war as cover-ups. A pliant Governor destroys the Central Bank and seeks to use DDE as a cover.”


Meanwhile, the Minority in Parliament has given the governor of the Bank of Ghana (BoG), Dr Ernest Addison and his two deputies a 21-day ultimatum to resign or face their wrath.

Speaking at a news conference on Tuesday (8 August), Minority Leader, Dr Cassiel Ato Forson said they will stage a march to occupy the Bank of Ghana, if the trio do not step down.

“We call for the resignation of the governor of the central bank and his deputies within 21 days from today.”

“We are resolved to embark on popular action to occupy the central bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana.”

“The march to ensure accountability will begin in 21 days if the governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated. Dr Ernest Addisson must go! there has to be an end to impunity and it is now,” Forson said.

The Minority Leader further criticised the decision of the Bank of Ghana’s leadership to invest US $250 million (approximately GHC 2.8 billion) in a new Head Office building at Ridge, despite the bank’s alleged financial challenges.

“The governor and his deputies, have found it prudent and expedient to invest US $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” he said.

Watch the full press conference in the attached video clip below:


Reporting by Fred Dzakpata in Accra


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