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Isaac Adongo replies Kojo Oppong Nkrumah over Bank of Ghana loss claims
The Ranking Member on Parliament’s Finance Committee, Isaac Adongo, has responded to claims by the Minority in Parliament that the Bank of Ghana recorded losses of about GH¢44 million under the National Democratic Congress (NDC) administration.
Mr. Adongo’s response follows a press conference addressed by Kojo Oppong Nkrumah and members of the Minority at Parliament House on Sunday, May 3, 2026.
At the press conference, the Minority accused the Bank of Ghana, Governor Dr. Johnson Asiama and the NDC government of mismanaging the economy and worsening the financial condition of the central bank.
The Minority argued that the reported losses at the Bank of Ghana showed signs of poor economic management under the current administration and questioned the direction of the central bank under Dr. Asiama’s leadership.
But reacting to the accusations in an interview with Edem Mensah-Tsotorme, Online Editor of ghanaiantimes.com.gh , Mr. Adongo said the New Patriotic Party (NPP) had no moral authority to criticize the current management of the central bank because the Bank of Ghana recorded far bigger losses under the previous administration.
“Under the NPP, the Bank of Ghana suffered its worst ever loss of GH¢55 billion in one year,” he said.
According to the Bolgatanga Central MP, the 2022 financial statements published in 2023 showed that the central bank recorded losses of about GH¢55 billion, while its negative net worth stood at about GH¢61 billion when the NDC government assumed office.
He further alleged that additional costs linked to the financial sector cleanup were transferred to the central government budget to conceal the actual financial state of the Bank of Ghana.
“If we were to add all of that, we really would have been around close to GH¢90 billion in negative net worth by the time we took over office,” he stated.
Mr. Adongo also accused the previous administration of hiding the real fiscal burden of the banking sector cleanup through accounting arrangements in the national budget.
According to him, the current administration and the Bank of Ghana have instead focused on stabilizing the economy through policies aimed at increasing foreign exchange inflows and reducing pressure on the cedi.
He explained that government used gold exports through the Gold Board to generate foreign exchange for the economy.
According to him, the initiative brought in an average of one billion dollars every month, helping stabilize the forex market and strengthen the cedi.
He said the improved forex situation reduced speculative demand for dollars and contributed to the appreciation of the local currency.
“We ended up the year with about 40.7 percent strengthening of the cedi,” he stated.
Mr. Adongo added that the stronger cedi had also helped reduce inflation and interest rates, bringing relief to businesses and consumers.
He praised President John Dramani Mahama for appointing Dr. Asiama as Governor of the Bank of Ghana.
According to him, the President identified Dr. Asiama as the right person to manage the central bank after assessing the country’s economic challenges.
“He saw Dr. Asiama as the best and safer hand to manage the bank,” Mr. Adongo added.
By: Jacob Aggrey
News
CSA urges Universities to strengthen cybersecurity following university of Nottingham cyber-attack
The Cyber Security Authority (CSA) has cautioned universities and other operators of Critical Information Infrastructure (CII) in Ghana to comply with cybersecurity regulations following a recent cyber-attack on the University of Nottingham in the United Kingdom.
In a press release issued on June 16, 2026, the Authority said the incident should serve as a warning to educational institutions that no organisation is immune to cyber threats, regardless of its size, reputation or technological capacity.
According to the CSA, the attack on the University of Nottingham is believed to have affected about 450,000 students and alumni, exposing sensitive information such as personal records, contact details, student identification information and financial data.
The Authority noted that although the breach occurred outside Ghana, it has important lessons for the country’s education sector as well as other critical sectors including health, telecommunications and transportation.
The CSA explained that Ghanaian universities are increasingly relying on digital technologies such as student information systems, online learning platforms, cloud services, digital payment systems and research collaborations.
While these technologies improve efficiency and access to services, they also create opportunities for cybercriminals to exploit vulnerabilities.
“The question is therefore not whether Ghanaian universities or other critical sectors will be attacked, but whether they are sufficiently prepared when an attack occurs,” the statement said.
The Authority reminded institutions to adhere to the Directive for the Protection of Critical Information Infrastructure, which was launched in October 2021 to strengthen cybersecurity across critical sectors.
According to the CSA, the directive requires organisations to establish cybersecurity governance structures, conduct risk assessments, implement security controls, report incidents, carry out regular audits and develop effective incident response plans.
The Authority said these measures are intended to reduce the likelihood and impact of cyber-attacks and help protect essential services and national interests.
By: Jacob Aggrey
Former NPP flagbearer aspirant, Kennedy Agyapong, has criticised both the New Patriotic Party (NPP) and the National Democratic Congress (NDC) over the delayed completion of the Afari Military Hospital and other stalled health infrastructure projects.
Mr. Agyapong made the remarks on Tuesday after donating a pickup truck, an incubator and personal protective equipment (PPEs) to the 37 Military Hospital as part of activities marking his 66th birthday.
Speaking at the event, he said successive governments had failed to complete the Afari Military Hospital despite having years in office to do so.
According to him, the project was initiated during the administration of former President John Agyekum Kufuor and construction later commenced under the NDC.
Mr. Agyapong, who previously chaired Parliament’s Defence and Interior Committee, said he was aware of the project’s challenges and insisted that both the NPP and NDC should be held accountable for the delays.
“We will criticise the NDC and we will criticise the NPP. That’s the only way to go,” he said.
He noted that the previous NPP administration spent eight years in office without completing the facility and questioned attempts to place the blame solely on the current government.
The former Assin Central MP called on Ghanaians to put national development ahead of partisan politics and demand accountability from all political parties.
He said the country would make greater progress if leaders focused on completing critical projects and delivering results rather than engaging in political point-scoring.
By: Jacob Aggrey
