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Your justification proves you mishandled BoG, resign – Ato Forson to Central Bank Governor

The Minority Leader, Dr Cassiel Ato Forson says the Bank of Ghana (BoG)‘s justification for the GH₵53.1 billion of the total loss of GH₵60 billion it occurred 2022 does not add up. 

The Minority Leader, Dr Cassiel Ato Forson says the Bank of Ghana (BoG)‘s justification for the GH₵53.1 billion of the total loss of GH₵60 billion it occurred 2022 does not add up.

According to him, the explanations justifies their demand for the immediate resignation of the Governor and his two deputies.

In tweet on Thursday, August 10, the Ajumako-Enyan-Essiam lawmaker said they will not relax until they seek their backs.

He said the Dr Ernest Addison and his deputies must be held responsible for the mess they have created at the central bank.

“I’ve seen @thebankofghana attempting to justify their actions! This further strengthens our stance that Dr. Addison and his deputies (the Printers) should be held responsible for the mishandling of the central bank and their blatant disregard for our laws! #AddisonMustGo,” he tweeted.

The NDC and its Minority Caucus at a news conference on Tuesday demanded the resignation of the Central Bank’s Governor and issued a 21 days ultimatum to Dr. Ernest Addison and his two deputies for superintending over the unprecedented ¢60.8 billion loss last year.

The Minority Chief Whip also aimed at the Central Bank for the construction of a new head office amidst the current crisis.

However, the BoG has replied saying that GH₵53.1 billion of the total loss of GH₵60 billion occurred as a result of the government’s Domestic Debt Exchange Programme (DDEP).

According to a statement from the Bank, BoG stepped in to arrest a major economic and social crisis since the domestic auction was failing.

According to BoG, further downgrade of Ghana’s sovereign debt rating which blocked Ghana’s access to international capital market borrowing triggered a liquidity crisis, spilling over into a balance of payments crisis.

It added that “In 2 months, the Bank of Ghana lost $500 million in reserves and built significant overdraft with the government as a result of the auction failures.

“It became clear that Ghana was on an unsustainable path, and the Government had to approach the IMF for support in July 2022.

“The IMF process included putting into place a credible program of reform, which included restructuring the total government debt to sustainable levels.

“Until the Staff Level Agreement with the IMF was reached in December 2022, the Bank of Ghana had to continue to provide the necessary support to keep the economy running.”

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