The opposition National Democratic Congress (NDC) will today, Tuesday, August 8, organise a press conference on the Bank of Ghana’s 2022 Annual Report and Financial Statements. 

The event which comes off at 10 am at the party’s headquarters in Accra will be addressed by the Minority Leader, Dr Cassiel Ato Forson.

According to the notice advertised, the party said there are more damning revelations in the central bank’s 2022 Annual Reports and Financial Statements.

This, the largest opposition party intends to bring before the general public and the international community. 

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 recapitalisation to ensure that equity was restored to a positive path by the end of 2027.