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Attack on BoG leadership over GH₵60bn loss needless – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has emphasized that the primary objective of the Bank of Ghana, like all central banks, is not to generate profit.
In an article titled “Standing Strong With The Bank of Ghana,” he addressed the importance of managing the central bank as a financially sustainable institution, rather than focusing solely on profitability.
The article comes in response to plans by the minority caucus of parliament to protest against Dr. Addison, accusing him of mismanaging the central bank, resulting in a loss of GHS60.8 billion in 2022 and negative equity of GHS55.1 billion.
The minority is also concerned about the bank’s decision to write off a GHS48.40 billion debt owed by the Akufo-Addo government without parliamentary approval, as well as the allocation of GHS250 million for the construction of a new
But Mr Ofori Atta in his article states that “In fact, as some critics of the Central Bank in our country do observe, the primary objective of a central bank is not to make a profit but to be managed as a financially sustainable institution”, Mr Ofori-Atta wrote in an article titled: ‘Standing Strong With The Bank of Ghana’.
“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’”.
He asserted that the government’s debt operations that commenced in 2022, and were executed this year, “has had a significant impact on Bank of Ghana’s balance sheet while reducing the amount of money spent on interest payment Exchangegovernment”. “As of 2022, the central bank held about GHS42.3 billion of government’s domestic debt, out of the total (domestic) debt stock of GHS194.3 billion”.
This debt holding, Mr Ofori-Atta explained, “in addition to others, resulted in a loss impairment provision of about GHS48b for the Bank in 2022”.
He said, as indicated by the IMF, the BoG was “the loss absorber for the debt exchange to ensure that in light of the concessions to other domestic bondholders, its burden share of the debt exchange will enable the economy to still achieve the overall objectives of the Exchange – the Domestic Debt Exchange Programme will ensure the NPV of the stock of public sector debt is halved from the then 105 percent of GDP (later recalculated as 89%) to 55 per cent of GDP by 2028, thereby putting the country on a sustainable debt trajectory”.
He said as indicated by the Board of Directors of the Bank in their 2022 annual reports, “all efforts will be made to restore the balance sheet of the Bank in the medium term, continue to improve the efficiency of their operations, and resort to the government for recapitalisation over the medium to long term if necessary”.
He said: “There is, therefore, no need for a direct attack on the leadership of the central bank.”
Source: Citinewsroom.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
