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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 Tourism Authority is leading Ghana’s participation at ITB Berlin, which opened in Berlin with a vibrant national pavilion highlighting Ghana’s rich cultural heritage, tourism destinations and investment opportunities.
March 5 has been designated as Ghana Day, a special platform to promote Ghana’s languages, cuisine, Kente, festivals and business prospects to the global tourism community. The stand has already drawn strong interest with traditional arts and crafts displays, immersive multimedia presentations and popular Ghanaian snacks.
Seven private-sector players are exhibiting alongside government officials as part of efforts to deepen trade partnerships, expand market access, and attract investment across the hospitality, heritage tourism, ecotourism, and creative arts sectors.
Ahead of the official opening, the Ghana delegation also engaged young Ghanaian investors in Germany in collaboration with V Afrika-Verein and the Ghana Embassy, strengthening diaspora investment linkages and highlighting opportunities within the tourism value chain.
Ghana’s coordinated presence at ITB Berlin 2026 reinforces its strategy to position the country as the Gateway to Africa and a competitive destination for leisure travel and global investment.
The Member of Parliament for Nsawam Adoagyiri, Frank Annoh Dompreh, has expressed concern over delays in the release of the District Assemblies Common Fund, warning that the situation is stalling development across the country.
On his facebook page, he described as a matter of urgent national importance, the Minority Chief Whip pointed to what he sees as a growing crisis of unpaid contractors, abandoned projects, and halted infrastructure works in many districts.
He noted that several communities are grappling with half completed schools, unfinished health facilities, abandoned markets, deteriorating roads, and stalled sanitation projects.
According to him, many contractors who have executed projects for district assemblies have not been paid, forcing some construction firms to demobilise from sites while workers lose their jobs.
He stressed that the District Assemblies Common Fund is not a discretionary allocation but a constitutional requirement under Article 252 of the 1992 Constitution, intended to support development at the local level.
In his view, years of delayed releases and accumulated arrears have weakened district development financing and disrupted projects meant to improve living conditions in communities.
He further argued that some payments made in recent years were largely the settlement of old debts rather than funding for new or ongoing projects, a situation he believes has affected contractor confidence and local economic activity.
He described the issue as more than a budgetary challenge, characterising it as a development emergency and a governance concern.
He therefore urged the appropriate authorities to pay outstanding DACF arrears, settle contractors who have completed their work, and ensure that transfers to districts are automatic and predictable.
He maintained that decentralisation can only succeed when district assemblies receive adequate and timely funding to carry out development projects.
He emphasised that stalled projects directly affect ordinary citizens, since they rely on such infrastructure for education, healthcare, transportation, sanitation, and economic activities.
He called for renewed attention to grassroots development, insisting that national progress should not be concentrated only in major cities but extended to all communities.
By: Jacob Aggrey
