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GH¢60bn loss: We’ve not been reckless – BoG fights back
The Bank of Ghana (BoG) has rejected claims that the GH¢60 billion losses it recorded in 2022 were a result of recklessness.
“What were are seeing on the balance sheets of BoG is not as a result of reckless policy, or bad decisions but the direct impact from DDEP. We can say [BoG] policy has been suboptimal. Suboptimal in the sense that we chose an action to save the economy from total collapse but as a result of the DDE, it has landed us here,” the Director of Research at BoG, Dr Philip Abradu-Otoo insisted.
He was speaking in an interview with Umaru Sanda Amadu on the Point Blank segment on Eyewitness News when he made the remarks.
The BoG’s audited financial statement for 2022 which was released on July 28, 2023, indicated that as of 31 December 2022, the total liabilities of the central bank and its subsidiaries exceeded its total assets by GH¢54.52 billion.
Dr. Philip Abradu-Otoo said the losses were a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others.
Highlighting measures to recover the losses, the BoG research director stated that they will strictly ensure that the central bank’s profits are retained.
He further disclosed that officials of BoG have started engaging the government to inject some capital into the central bank.
“We need to recover this GH¢60 billion. The central bank will have to retain its profits. We are now going to ensure that we strictly retain all our profits. One other problem that created this situation was the fact that we need now to move towards optimising the returns from our portfolio. We manage our funds ourselves at the Bank of Ghana. And we need to ensure that we get a lot of returns. Above all, we need to ensure that we get capitalised as we move along the process. Those talks have started with the government and along the line, we expect some capitalisation from the government,” the Director of Research at BoG told Umaru Sanda Amadu.
He emphasized that the Bank of Ghana has not received a capital injection from the government since the 60s.
“We have never had a capital injection from our main shareholder [government] since the 60s to keep the bank running. That is top on the agenda, that will have to be done to bring the bank up,” he indicated.
He assured that they will be working assiduously to recover the loss.
“We will be working to recover, we are hoping that in five-six years, this situation would have reversed,” Dr Philip Abradu-Otoo noted.
Credit: Citinewsroom.com
Parliament has confirmed that the Member of Parliament for Asante Akyem North, Kwame Ohene Frimpong, has been detained at Schiphol Airport in Amsterdam, Netherlands.
In a statement signed by the Clerk to Parliament, Ebenezer Ahumah Djietror, Parliament said the incident had been brought to the attention of the House leadership.
According to the statement, the Speaker of Parliament and the leadership of the House are currently in contact with Ghana’s Mission in The Hague to gather detailed information about the matter.
Parliament, however, did not disclose the reasons behind the MP’s detention.
“The public will be duly informed appropriately on this matter,” the statement added.
By: Jacob Aggrey
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.
