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Minority Calls for BoG Accountability Over Alleged Illegal GH¢48bn Government Debt Write-Off

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The Minority in Parliament has leveled accusations against the management of the Bank of Ghana (BoG), alleging involvement in illicit activities by purportedly forgiving approximately GH¢48 billion in government debt. This purported action, as per the caucus, has led to the insolvency of the central bank.

During the conclusive deliberations on the State of the Nation Address (SONA) on Monday, Minority Leader Dr. Cassiel Ato Forson emphasized the need for accountability from the Bank of Ghana’s leadership.

Dr. Forson stated, “The Bank of Ghana is now financially crippled and its operational viability is in question. In the fiscal year 2022, the Central Bank incurred an astronomical loss exceeding GHS60.8 billion and suffered from negative equity surpassing GHS55 billion.”

He further asserted, “The Governor of the Bank of Ghana and his two deputies engaged in the unauthorized and excessive printing of currency to fund the government’s bloated expenditures. Moreover, the Governor and his deputies, without parliamentary approval, absolved approximately GHS48.4 billion of government debt.”

“These actions represent grave misconduct for which the Governor and his deputies must be held answerable, regardless of the time required,” he emphasized.