Bawku Central MP calls on Bank of Ghana to disclose details of financial losses

June 5, 2024
Bawku Central MP calls on Bank of Ghana to disclose details of financial losses

The Bawku Central MP, Mahama Ayariga, has called on the (BoG) to disclose detailed information on its 2023 financial losses.

He also demanded further and better particulars on the escalating costs of its new head office within a week, in accordance with section 18 of the Right to Information Act 2019 (Act 989).

The BoG reported a loss of GH¢10.5 billion for the 2023 financial year, primarily due to a GH¢6.7 billion increase in total interest expenses on open market operations.

In August of the previous year, the BoG defended the cost of its new $250 million headquarters.

Samuel , the North Tongu MP, had revealed documents showing that the original cost was around $82 million, contrary to the $250 million currently being quoted by bank officials.

In a statement released on Monday, June 3, Ayariga stated, “I write on the instructions of the Minority Leader of to request the following information: Detailed particulars of the status of the write-offs made in respect of government's indebtedness to BoG.

“Reasons for the combined losses of approximately GH₵70 billion as stated in the BoG's financial statements for 2022 and 2023. The status of the further expenses on the infamous head office building whose costs keep escalating.”

He further asked for “Reasons for recording a policy rate of 30% in 2023 as this is the highest record of policy rate in the last 20 years.

“Detailed particulars on the costs of the new construction at the premises of the old BoG clinic. Reasons for the total currency issuance expense of GH¢688.87 million as stated in BoG's financial statement and annual report for 2023.”

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