Mahama accuses BoG governor of using DDEP as a cover up for sector loss

The former President and flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has taken a swipe at the Bank of Ghana (BoG) for attributing the recent losses in the sector mainly to the government’s Domestic Debt Exchange Programme (DDEP).

In a Twitter post, the former president blamed the pattern of economic mismanagement on the Finance Minister, Ken Ofori-Atta; the governor of the central bank.

He said they caused damage to the economy and are using COVID-19 and Ukraine/Russia and the DDEP as cover up.

“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,” the former president stated in a tweet.

The Central Bank recently disclosed a staggering loss of GHC60.81 billion for the 2022 financial year, a stark contrast to the GHC1.23 billion profit recorded in the previous year.

These losses were primarily attributed to the government's domestic debt restructuring efforts and the devaluation of the currency, the cedi.

According to the audited financial statement released by the BoG on July 28th, 2022, the central bank's liabilities and those of its subsidiaries surpassed its total assets by GHC54.52 billion as of December 31, 2022.

In response to the situation, the Minority in Parliament issued a 21-day ultimatum to Dr. Ernest Addison, the Governor of the Bank of Ghana, and his two deputies, demanding their resignation or face further consequences.

The minority criticised the leadership of the Bank of Ghana for investing US $250 million (approximately GHC 2.8 billion) in a new Head Office building at Ridge, despite the alleged financial challenges the institution is facing.

As Ghana navigates complex economic landscapes, the call for accountability gains urgency. The spotlight on the central bank's losses underscores the importance of prudent financial management and a commitment to transparent decision-making to restore public trust and ensure the nation's economic stability.

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.#BuildingGhanaTogether #TheGhanaWeWant

— John Dramani Mahama (@JDMahama) August 10, 2023