Bank of Ghana remains resilient - Management

The Bank of Ghana (BoG), has debunked claims that it has financed the Government to the tune of GH¢80 billion Ghana.

It said the BoG did not provide Credit to the Government from 2017 to 2019 and 2021.

The Bank said it was only in 2020 that it issued the GH¢10 billion covid-19 bond to the government, while also issuing another GH¢37.9 billion in 2022.

It said the Bank only supported the COVID-19 Pandemic Bond in 2020 and also supported the Government to pay salaries and settle government debt maturities as capital market shut down access to Ghana in 2022.

The BoG explained that its decision to take a 50 percent haircut on the government’s debt saved the economy from collapse and sent a positive signal to external partners. It incurred a loss of 55.2 billion in equity in 2022, largely as a result of the government’s Domestic Exchange Programme after its non-marketable holdings of government of Ghana instruments, including long-term stocks, a COVID-19 Bond and overdraft, which were subjected to a 50 per cent haircut.

Also, the Bank’s other claims were exchanged under similar terms as other financial institutions under the DDEP, leading to an impairment of 48.40 billion cedis in 2022.

The Central Bank assured the public that it remains financially stable and is adhering to high standards of management and transparency.