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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 Diaspora Affairs Office at the Office of the President has hosted a delegation of African diaspora women who are in Ghana ahead of a planned Presidential Conferment of Citizenship ceremony.
The Director of Diaspora Affairs, Kofi Okyere Darko, explained in a Facebook post that the visit was a gesture of appreciation by the delegation to the Government of Ghana for its continued efforts to reconnect Africans in the diaspora with their ancestral homeland.
He indicated that the ceremony, scheduled for next Monday, will officially grant Ghanaian citizenship to members of the delegation as part of the country’s broader engagement with the African diaspora.
The delegation was led by Erica Bennett, Founder of the Diaspora Africa Forum.
According to Mr Okyere Darko, her years of advocacy have played an important role in strengthening ties between Africa and people of African descent living abroad.
He noted that the group’s journey towards citizenship represents not only a legal process but also a cultural and spiritual return to their roots.
Also present at the meeting was Natalie Jackson, an attorney who is also expected to receive Ghanaian citizenship during the ceremony. She works closely with renowned civil rights lawyer Ben Crump.
Mr Okyere Darko emphasised that Ghana remains committed to strengthening relationships with the African diaspora and promoting unity, identity, and shared heritage among people of African descent worldwide.
By: Jacob Aggrey
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.
