You can't continue to serve, resign immediately! - BoG Governor and deputies told

Atik Mohammed says the Governor of the Bank of Ghana, Dr. Ernest Addison and his deputies must resign with immediate effect.

The Bank of Ghana (BoG) is said to have become insolvent, running into a loss of over 60 billion cedis, equivalent to 6 billion dollars, in 2022 following a report of the bank quoted by the Minority in Parliament during their “Moment of Truth” engagement with the media on Tuesday.

“The Bank of Ghana recorded a staggering loss of GHS60.8 billion, which is equivalent to $6 billion. This is twice the amount we are to receive from our recent IMF bailout”, the Minority quoted.

They added; “The bank has also recorded a negative equity of over GHS55.1 billion. What this simply means is that the Bank of Ghana is insolvent" and blamed the incumbent government stating "the once prestigious Bank of Ghana, the mother of all banks in Ghana, has been bankrupted and collapsed by this NPP economic management team led by Dr Mahamudu Bawumia with the complicity of the Governor of the Central Bank.”

The former PNC General Secretary, reacting to the accusations of mismanagement of the BoG, joined the Minority’s call for the Governors to vacate their post saying “it greatly saddens me that a major player in Ghana’s economic policy could be this reckless as far as spending is concerned”.

To him, the Governors have joined the “Finance Minister to engage in reckless spending and this isn’t helpful” and stressed “if you know that what we are doing will bring these consequences and you still do it, then it means you have intentionally decided to ruin us and you don’t deserve to be there. They should not just go but there should be an investigation”.

“I strongly share the view that the managers of our Central Bank, they have failed us,” he admonished on Peace FM’s “Kokrokroo” show.

He emphasized; “If they make up their minds that they won’t resign, there should be an immediate investigation” into their conduct “and if they are found culpable, that could be the basis for the President or whoever is appointing them to say that, look, on this basis; you can’t continue to serve. But I will support the call that they should resign on their own and allow fresh legs to come.”