Finance Minister Ken Ofori-Atta has underscored that the Bank of Ghana’s core mission, akin to central banks globally, is not profit generation hence attack on Bank of Ghana (BoG) leadership over Ghc60bn needless
This perspective was shared in his article titled “Standing Strong With The Bank of Ghana,” where he stressed the importance of steering the central bank as a financially sustainable institution, shifting focus away from a sole emphasis on profitability.
The backdrop for this article lies in the plans of the minority caucus in parliament to stage a protest against Dr. Addison, alleging his mismanagement of the central bank, leading to a GHS60.8 billion loss in 2022 and a negative equity of GHS55.1 billion.
The minority’s concerns extend to the bank’s unilateral decision to write off a GHS48.40 billion debt owed by the Akufo-Addo government, a move made without parliamentary approval, along with the allocation of GHS250 million for a new construction project.
Mr. Ofori Atta further elaborates in his article, highlighting that the primary objective of a central bank, according to some critics within the country, is not profit generation but the management of a financially sustainable institution. His perspective seeks to challenge the criticisms leveled at the leadership of the Bank of Ghana regarding their financial management decisions.
The Finance Minister emphasizes the necessity of unity and national cohesion, referencing the wisdom of the late Professor P.A. V Ansah. He notes that the government’s debt operations initiated in 2022, which continued into the current year, have substantially impacted the Bank of Ghana’s balance sheet. This has resulted in a reduction in the amount of money spent on interest payments. As of 2022, the central bank held approximately GHS42.3 billion of the government’s domestic debt, out of a total domestic debt stock of GHS194.3 billion.
“We must, in these extraordinary times…deploy all the instruments we have available and sail together through this odyssey,” the Finance Minister, Ken Ofori Atta wrote in an article titled Citizens – Standing Strong with the Bank of Ghana.
“The call for us, as citizens, is not to be seen as punishing the Bank of Ghana for pitching up to support the greater public good!”
“It is probably a good time to recall the wise words of the late Professor P.A. V Ansah that even as we educate and inform, we must foster national cohesion because ‘…national cohesion is the foundation upon which any and everything is built’” Ken Ofori-Atta’s remarks.
Ghanaians have slammed the Finance Minister for his remarks which according to many is an insult to Ghanaians in the current economic crisis where this money could have salvaged some sectorial wreckages.
