The Minister for Finance Ken Ofori-Atta has emphasised the need for Ghanaians to rally behind the Bank of Ghana (BoG) to modernise its operation.
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.
The BoG has since come under criticism following attempts to construct an ultra-modern head office in Accra .
But reacting to the development in write up, Ofori-Atta said the decision to build the ultra-modern head office was taken before the bank incurred the recent loss.
“Governor Addison, just like me, has faced major economic hurdles since 2017, inheriting a derailed IMF programme and a highly impaired and ethically strained financial industry from our predecessors, having to navigate the serious revenue shocks on the back of COVID-19 and distortions to our supply chain induced by both COVID-19 and international geopolitics.
“In resolving these, we have all had to make sacrifices, and the BoG balance sheet was significantly affected. With respect to the BoG’s new headquarters, the evidence is clear that decisions to build had already been made long before these “losses” occurred.”
“It is important for us to support such a critical institution to modernise its operations and have a befitting office space for a country that hosts the AfCFTA and has a vision to become the financial services hub of the continent,” he said.
Below is the full article:
Reporting by Fred Dzakpata in Accra
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