The Minority Leader in Parliament, Dr Cassiel Ato Forson has lambasted the ruling New Patriotic Party (NPP) for the woes of the Bank of Ghana. 

Dr Ato Forson says the cluelessness and the recklessness of the NPP government is what has brought the central bank to its knees. 

Addressing the media at the National Democratic Congress (NDC)’s Moment of Truth Series at the party headquarters on Tuesday, August 8, he urged Ghanaians to rise up and speak against what he said is the mismanagement of the economy. 

“The Bank of Ghana, which is our Central Bank and lender of last resort, has been dealt a catastrophic blow by the reckless, clueless and criminally-minded NPP mis-managers of our economy and this has necessitated an urgent call for action to save our Central Bank.”

“Many media houses, including those of you here, have, in the last week, covered the sad and pathetic story of the Central Bank following the release of its annual report.”

“Anyone who understands the crucial role of the Bank of Ghana will be rightly worried about this development. It is a total disaster!”

The Ajumako-Enyan-Essiam lawmaker added that urgent measures must be taken to reverse the situation. 

“Unless we take an urgent and drastic action, these reckless, clueless and criminally-minded NPP mis-managers of the economy have laid the final groundwork for the collapse of our financial system and the economy which will worsen the already horrible conditions of Ghanaians.”

“We in the National Democratic Congress (NDC) saw the red flags and have consistently warned of the mismanagement of the financial sector by the Governor of the Central Bank and his team of incompetent deputies.”

Meanwhile, the Minority Leader has asked the Governor of the Central Bank and his deputies to resign within 21 days beginning Tuesday, August 8, 2023. 

According to him, should the trio fail to resign, the NDC MPs will organise a demonstration to occupy the Bank of Ghana’s head office. 

“In this regard, we call for the resignation of the Governor of the Central Bank and his deputies within 21 days from today.”

“We are resolved to embark on popular action to occupy the Central Bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana.”

“The March to Ensure Accountability will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bag and baggage out of that sacred institution that he has so desecrated.”

Bank of Ghana incurred a loss of GH¢60.8 billion in 2022, largely as a result of the government’s Domestic Exchange Programme (DDEP) after its non-marketable holdings of government of Ghana instruments including long-term stocks, a COVID-19 Bond and overdraft were subjected to a 50 per cent haircut.

Also, the Bank’s other claims (holdings of marketable instruments) were exchanged under similar terms as other financial institutions under the DDEP, leading to an impairment of GH¢48.40 billion in 2022.

In addition, the Bank incurred revaluation losses on its foreign assets and liabilities due to exchange rate depreciation, leading to a total loss of GH¢55.12bn equity in 2022.

However, the Central Bank said it would implement measures, including government’s support for the recapitalisation to ensure that equity was restored to a positive path by the end of 2027.