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Many central banks have incurred loses; BoG is not exception – Ofori-Atta
Finance Minister, Ken Ofori-Atta, has stated that many central banks incurred losses as a result of the impact of Covid-19 pandemic and the Russian/Ukraine war on their respective economies.
Citing examples such as the Bank of Jamaica, the central banks of Argentina, Brazil, Chile, the Philippines, Singapore, Turkey, and UK, he also said historically, some central banks have operated with negative equity as a result of losses yet fully met their policy objectives, as long as they remain policy solvent.
In an article “Standing strong with the Central Bank”, Mr. Ofori-Atta pointed out that the pandemic and Russia-Ukraine war have reinforced and increased the number of central banks that have moved into negative equity and have thrown light into this ‘new normal.’
“Thus, the Central Banks of Chile, Czech Republic, Israel and Mexico have experienced years of negative equity. The Reserve Bank of Australia fell into negative equity in 2022 due to valuation losses on its bond holdings, and the bank stressed that it will not affect its mandate or operational efficiency. And unheard of in the modern financial setup, the German central bank, that citadel of fiscal purity, recorded a loss in 2022”, he added.
Furthermore, he pointed out that the US Federal Reserve Bank in April 2022 also declared a negative equity position, on account of the rapid rise in rates that began in 2022, renewed interest expenses on commercial bank reserves deposits, and low income on its security holdings, including US Government securities.
“In fact, as indicated by the Brookings Institution, “the Fed’s cumulative losses came to more than $52 billion as at the end of April 2022, exceeding its paid-in capital and surplus, and in effect, leaving it in negative equity.”
(I cite these examples just to make the point that hitherto unheard of things have been happening in central banks around the world recently.)”, he stressed
Accordingly, Mr. Ofori-Atta said as the focus shifts from direct targets of money supply to interest rates as operational targets, the framework for analysing central bank balance sheets has shifted, enabling central banks to play more interventionist roles in the economy than before.
Source: myjoyonline.com
Accra’s creative industry is preparing for one of the most ambitious film projects in recent Ghanaian cinema as award winning filmmaker Big Ghun and acclaimed media personality and producer Doreen Avio officially open auditions for their upcoming feature film, Scarlett Unveiled.
The highly anticipated auditions will take place on Saturday, May 23, 2026, from 8:00 AM to 7:00 PM at MCB Studios, Lapaz Tabora, with actors of all ages invited to participate.
Presented by PB Studios Africa, Scarlett Unveiled is a bold and emotionally charged Ghanaian creative project.
The project is expected to resonate strongly with young audiences in Ghana and across the diaspora..
The production is being developed in collaboration with the Embassy of Switzerland in Ghana, which is supporting the project’s executive launch.
Renowned textile brand Woodin has also come on board as the official clothing partner, while MCB Studios is serving as a support partner for the audition process.
According to Big Ghun, known for directing internationally recognized projects such as Koro (One), Leaked, and Vibes the Movie, Scarlett Unveiled is designed to become a landmark cultural production that will travel from cinema screens to schools and global platforms.
Producer Doreen Avio, one of Ghana’s most respected media personalities and event hosts, says the project aims to discover both established and emerging actors who can bring authenticity and emotional depth to the story.
She added that “This is more than an audition,” the producers say. “It is an opportunity for talented individuals to become part of a one of a kind Ghanaian story with the potential to inspire audiences around the world.”
Interested participants are encouraged to come with a passport sized photograph and be prepared to showcase their talent and confidence before the casting team.
With an award winning creative team, respected institutional partners, and a story rooted in truth and transformation, Scarlett Unveiled is shaping up to be one of Ghana’s most significant cinematic undertakings in the coming year.
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
