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BoG: You misunderstood the issues, update yourself – Ato Forson chides Majority Leader
The Minority Leader, Dr Cassiel Ato Baah Forson, has taken on Majority leader in Parliament, accusing Osei Kyei-Mensah-Bonsu of deliberately choosing to wish away the concerns of Ghanaians on the Bank of Ghana issues.
“Is the Majority Leader suggesting to us that it is right for the affairs of the Central Bank to be mismanaged to this level? Is he by any means suggesting that one must defend his party’s position on every single national issue, even if this is inimical to the national interest? Is it not intriguing and ironic that the Leadership of the Majority Caucus in Parliament and the NPP party are always quick to state that Ato Forson once worked at the Ministry of Finance and must know better?”
The Minority Leader raised these questions after the Majority Leader, in an interview on Accra-based Oman FM, accused the National Democratic Congress (NDC) members of Parliament (MPs) of exaggerating the issues of the Central Bank.
The NDC MPs had given the Governor, Dr Ernest Addision, and his two deputies 21 days within which to resign.
But Mr Kyei-Mensah-Bonsu says their leader, Dr Ato Forson, should have known better the relationship of the Bank and Parliament, having worked previously as a Deputy Finance Minister.
“The Bank of Ghana Governor does not directly report to Parliament,” the Minister of Parliamentary Affairs said in the interview.
“We should not make everything about NPP and NDC. Ato Forson should have known better because he has held the position of Deputy Minister of Finance before and knows the operations of the Bank of Ghana. So if you politicize issues of the BoG, it is not good for the country,” he said.
But the Minority Leader insists that the Central Bank is not above the law.
“The Bank of Ghana is not above the law and indeed answers to the Finance Committee of Parliament on urgent matters as the Majority Leader alluded to,” he wrote on Monday, August 14.
Find the full write-up below:
RE: BoG’s issues – it’s either the Minority is exaggerating or haven’t examined the facts – Majority Leader
I have come across this publication from an interview the Majority Leader in Parliament reportedly granted to Oman FM.
It is either the Majority Leader, Osei Kyei-Mensah Bonsu exhibits such gross misunderstanding of the germane issues we have raised about the Bank of Ghana or he has deliberately chosen to wish away the concerns of Ghanaians as his government has always done.The Bank of Ghana is not above the law and indeed answers to the Finance Committee of Parliament on urgent matters as the Majority Leader alluded to. I wish to restate our vexed concerns about the Bank of Ghana and those of well-meaning Ghanaians, just to help the Majority Leader.
1. We in the NDC Minority didn’t declare the Bank of Ghana bankrupt or insolvent, it’s own 2022 Annual Report and Financial Statements did. According to the BOG’s own books, the Bank recorded a staggering loss of GH60.8 billion and a negative equity of GHS55.1 billion – this is unprecedented in the history of Ghana!
2. The BOG arrived at this historic low because the Governor, his Deputies and the Board broke their own law, the Bank of Ghana Act, 2002 (Act 612) as amended. Section 3 of this Act limits all loans and advances to Government to just 5% of the previous year’s revenue. Despite constant warnings from the Minority in time past, the Bank of Ghana printed GH35 billion in 2021 and GH42 billion in 2022, all in contravention of their own Law.To make matters worse, the Bank of Ghana decided to team up with government to write off a collasal GH48 billion of Government’s indebtedness contrary to section 67 of the Public Financial Management Act. Someone must be held accountable for this, and the Minority in Parliament cannot be blamed for calling for this accountability.
3. At a time the Bank of Ghana has recorded this huge loss, the BOG is putting up a new Head Office building at Ridge at an astonishing cost of $250 million. The outlandish and outrageously expensive new office building is going on at a time Ghana’s economy is under an IMF program and reeling under hyperinflation caused by the BOG’s own reckless act of printing money to finance Government’s expenditure. This construction is ongoing at a time Ghana has stopped servicing its domestic and external debts and road contractors, school feeding caterers, Buffer Stock suppliers have all not been paid.
4. The BOG’s own Annual Report and Financial Statement betrayed the bank’s financial recklessness and lack of sensitivity to the suffering plight of Ghanaians. How can one justify a Bank in this state of financial distress spending GH131.6 million on vehicle maintenance and GH97.4 million on domestic and foreign travels? Which bank in this distress will entertain capital expenditure commitments of GHS711.21 million in 2022 alone, and actually be spending between $50 million and $60 million on ultra-modern guest houses in Takoradi and Tamale? Legal claims against BOG in 2022 alone amounted to GHS78.95 million.
Is the Majority Leader suggesting to us that it is right for the affairs of the Central Bank to be mismanaged to this level? Is he by any means suggesting that one must defend his party’s position on every single national issue, even if this is inimical to the national interest? Is it not intriguing and ironic that the Leadership of the Majority Caucus in Parliament and the NPP party are always quick to state that Ato Forson once worked at the Ministry of Finance and must know better? It is precisely the reason why I had the experience, foresight and vision to see and to caution institutions like the Bank of Ghana a couple of years ago against the very acts that have now brought the bank on its knees.Clearly, the Majority Leader, Osei Kyei-Mensah Bonsu either misunderstood the issues and needs to update himself or he has chosen to embark on his usual diversionary tactics.
Credit: 3news.com
Ghana’s parliament has marked the 2nd edition of May Day 2026 under the theme “ Welcome Home”.
It was special day meant to celebrate the invaluable support of the workforce, recognizing the commitment, resilience, and contributions of workers to institutional growth and national development.
Delivering the message on behalf of the Speaker, the 1st Deputy Speaker, Bernard Ahiafor, described the theme as very apt, appropriate, and timely, noting that Parliament is more than a workplace, it is a shared home.
He emphasized that we cannot speak about work without speaking about people, reminding everyone that the true measure of our work is the well-being of our people.
He urged that our traditional clothing become an integral part of our everyday clothing, and that our local languages must become integral to our daily lives, interwoven into education and practiced at home.
Referencing Standing Order 63, which captures the use of local language as optional in deliberations, he encouraged a renewed commitment to identity, saying it is significant that we “come home” and present who we are so future generations can inherit a story they can fully tell.
The Clerk, Mr. Ebenezer Ahumah Djietror, in his remarks commended officers for their dedication and devotion to duty, calling on them to go the extra mile and leave legacies.
Echoing the reminder that an unexamined life is not worth living, he described the event as an invitation to reconnect with our roots through cultural revival.
The Deputy Clerk, C&FMS, Dr. Gloria Sarku Kumawu, urged all not to forget their roots, the people behind the stories of ministries, industries, and the strides made both in-house and beyond.
What began last year has now become a meaningful tradition, showcasing Ghanaian heritage, fostering unity, and encouraging innovation under the principle of diversity for unity and diversity for progress, she added.
The gathering brought together leadership, public officials, and staff across all levels, along with the media, standing as a unifying platform that honored service, celebrated culture, and reaffirmed a shared commitment to national development.
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Manhyia would serve as Ghana’s unifying force …Otumfuo assures on commemoration of 27 years on the Golden Stool
The Asantehene, Otumfuo Osei Tutu II, last Friday celebrated his 27th enstoolment with a colourful and culture-rich ceremony at the Manhyia Palace in Kumasi, drawing a distinguished gathering of dignitaries from across Ghana and beyond.
Clad in splendid kente and adorned in rich traditional regalia, the dignitaries added colour and elegance to the occasion, as the palace grounds came alive with a vibrant display of Ghanaian culture.
Traditional drumming, dancing and symbolic rites underscored the deep-rooted heritage of the Ashanti Kingdom, captivating guests and reaffirming the value of tradition in modern society.
Speaking at a high-level Executive Gala organised by the Diaspora Affairs Office of the Office of the President in strategic partnership with the E ON 3 Group, the ‘World-Meets-in-Ghana’ gala, the Asantehene urged Ghanaians to guard against the divisive tendencies of partisan politics.
The event was to honour the Asantehene’s nearly three-decade reign under the theme ‘Advancing Peace and Sustainable Economic Development through Royal Vision’.
Otumfuo Osei Tutu II noted that such attitudes threatened the country’s long-standing values of unity, civility and brotherliness.
He assured that Manhyia would continue to serve as a unifying force for the nation.
The celebration also featured the presentation of commemorative gold coins to notable national leaders, including the President, John Dramani Mahama, former Presidents John Agyekum Kufuor and Nana Addo Dankwa Akufo-Addo as well as Dr Mahamudu Bawumia, a former Vice President in recognition of their contributions to peace and national development.
By Spectator Reporter
