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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
The spokesperson for Dr. Bawumia, Dennis Miracles Aboagye, has criticised the implementation of the NDC government’s No Fee Stress policy, arguing that the programme has failed to deliver on its core promise.
According to him on Starr fm, the policy, which was introduced to ensure stress free payment of fees for level 100 tertiary students, has rather turned into what he described as post stress support.
He explained that students are required to pay their fees first before applying for reimbursement, a situation he believes defeats the purpose of the policy.
He questioned claims by government officials that the policy has been successful and that citizens are happy.
In his view, such claims do not reflect the lived realities of many Ghanaians. He stressed that while some people may appear satisfied, many others continue to struggle.
Dennis Miracles Aboagye pointed to the situation of trained teachers and nurses who have been picketing for nearly six months, demanding employment.
He noted that government responses suggesting it cannot accommodate all of them contradict claims of economic stability.
He further argued that economic indicators such as a stable currency mean little to people who are unable to secure jobs or access promised support.
He observed that telling an unemployed teacher or a struggling student that the cedi has strengthened does not address their immediate challenges.
On the issue of tertiary education, he maintained that no level 100 student benefited from stress free fees in 2025, despite the policy being announced.
He added that in 2026, students have already reported to school without receiving the promised support.
He insisted that asking students to pay fees first and seek reimbursement later amounts to support after hardship, not stress free education.
According to him, this approach goes against what was promised during the policy announcement.
Dennis Miracles Aboagye questioned why a government that presents the economy as strong is unable to fulfil what he described as simple and clear promises.
He added that there is a fundamental problem with the way the economy is being managed and indicated that he is prepared to explain his position further.
By: Jacob Aggrey
Dancehall musician Shatta Wale has issued a strong public statement calling for an end to what he describes as continuous attacks on his brand, following an apology from media commentator Awal Mohammed.
In the statement, Shatta Wale acknowledged the apology but stressed that persistent criticism and what he sees as deliberate attempts to damage his image must stop.
He noted that for many years, he has spoken for the streets, the youth, and people who feel ignored by society, while also promoting Ghana on the global stage and creating jobs through his work.
He expressed concern that some media personalities, commentators, and influential figures continue to target his name unfairly.
According to him, the issue goes beyond music and touches on respect, fairness, and national maturity.
The musician warned that continued disrespect toward voices that represent ordinary people could have wider consequences.
He emphasised that the Shatta Movement remains strong and organized, and that the patience of the masses should not be taken for granted.
He added that if systems continue to fail the people, they have the ability to organize politically through numbers and truth, not violence or hate.
Shatta Wale clarified that his message was not a threat but a reminder of reality, stressing that attacking a symbol that represents millions of people can have social, cultural, and democratic effects.
He called for respect, fairness, and unity, saying the voice of the people will always rise.
The statement comes after Awal Mohammed recently described Shatta Wale fans during a public discussion as junkies.
The comments triggered backlash from fans of the musician, prompting Awal to later issue an apology.
By: Jacob Aggrey
