The Minority in Parliament is set to push for a parliamentary investigation into the unprecedented loss of Ghc60 billion by the Bank of Ghana (BoG). The loss is attributed to the bank’s alleged non-compliance with the Bank of Ghana Act.
Dr. Clement Apaak, the Member of Parliament for Builsa South, expressed the minority’s determination to ensure a thorough investigation of the matter.
He asserted that the BoG’s loss, resulting from its decision to print money illegally to fund expanded government expenditures, cannot be excused given that the bank is owned by Ghanaians.
Dr. Ato Forson, leader of the National Democratic Congress (NDC) in Parliament, has claimed that the Akufo-Addo and Bawumia-led New Patriotic Party (NPP) government collaborated with the Bank of Ghana to breach the Bank of Ghana Act.
He argues that the government must be held accountable for this violation.
Forson raised questions about the prioritization of a new $250 million office complex by the BoG, especially when it has reported an unprecedented loss of GHS60.8 billion and a negative equity of GHS55.1 billion.
He criticized the decision to allocate such resources to the new office complex, highlighting the potential alternative uses for the funds.
He further contended that the Finance Minister has not provided the required reports to Parliament regarding the attainment of the 5% borrowing threshold or the setting of new limits for government borrowing, as mandated by the Bank of Ghana Act and the Public Financial Management Act.
This move by the Minority in Parliament underscores the commitment to ensure financial transparency and accountability within the government and institutions like the Bank of Ghana.
The call for a parliamentary probe signals a robust effort to address concerns about financial mismanagement and adherence to regulatory frameworks.