If BoG made profit during peak COVID, why did they record GH¢60b in losses? - Bridget Otoo

Ghanaian broadcaster, Bridget Otoo has rejected claims made by some members of the New Patriotic Party (NPP) that the Bank of Ghana recorded some appreciable profits when the country was grappling with COVID-19.

She argued that if that was the case, the Bank of Ghana would not have recorded unprecedented losses to the tune of GH¢60 billion that has jeopardized the Ghanaian economy.

The prominent broadcaster made the remark in response to an individual who is believed to be a member of the New Patriotic Party (NPP) stating that the Bank of Ghana made GH¢4.5billion profits between 2019 and 2021 during the peak COVID-19 period and hence should not be blamed much.

The conversation came up when both individuals were sharing their sentiments on the #OccupyBoG demonstration spearheaded by the National Democratic Congress (NDC) to present their grievances to the Governor of the Bank of Ghana after accumulating huge losses.

“Fool soldiers are posting that the BOG made GH¢ 4.5billion cedis btn -2019-2021 and that’s a success. That’s the whole point! If BOG made profits peak COVID, why did same BOG record GH¢60billion loss in 2022? #OccupyBoGProtest” Bridget Otoo wrote on her X page.

The Bank of Ghana has faced intense public scrutiny due to reports revealing a loss of over GH¢60 billion cedis in the year 2022.

Furthermore, experts and members of the opposition party have accused the bank of printing GH¢22.04 billion in 2022 without seeking parliamentary approval. Additionally, the bank is accused of writing off GH¢32 billion in government debt.

The opposition contends that the collaborative actions between the central bank and the Nana Addo Dankwa Akufo-Addo-led government have significantly contributed to the ongoing economic challenges within the country.

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Fool soldiers are posting that the BOG made 4.5 billion cedis btn -2019-2021 and that’s a success. ????????????
That’s the whole point! If BOG made profits peak COVID, why did same BOG record 60billion loss in 2022? #OccupyBoGProtest

— Bee (@Bridget_Otoo) October 3, 2023