Let’s refrain from attacking BoG leadership – Ofori-Atta urges

Finance Minister, Ken Ofori-Atta, has called on Ghanaians to refrain from attacking the leadership of the Bank of Ghana.

The Central Bank’s leadership has been under criticism for the impairment loss of GH¢60 billion it incurred in 2022.

In an opinion article authored by Ken Ofori-Atta, he stressed that despite the losses, stringent efforts will be made to restore the balance sheet of the Bank in the medium term.

He explained that this will ensure that the BoG is operates in an efficient manner.

“In fact, as some critics of the Central Bank in our country do observe, the primary objective of a central bank is not to make a profit but to be managed as a financially sustainable institution”, Ofori-Atta wrote.

“We must, in these extraordinary times…deploy all the instruments we have available and sail together through this odyssey,” he pointed out.

“The call for us, as citizens, is not to be seen as punishing the Bank of Ghana for pitching up to support the greater public good!”...

It is probably a good time to recall the wise words of the late Professor P.A. V Ansah that even as we educate and inform, we must foster national cohesion because ‘…national cohesion is the foundation upon which any and everything is built'” the finance minister continued.

The Finance Minister however defended Governor Addison who has been subject of public criticism in recent times with calls for his resignation.

“Governor Addison, just like me, has faced major economic hurdles since 2017, inheriting a derailed International Monetary Fund 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”.

MA/NOQ

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