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Many central banks have incurred loses; BoG is not exception – Ofori-Atta

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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.

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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.

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Source: myjoyonline.com

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Justin Kodua Frimpong files nomination to seek re-election as NPP General Secretary

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General Secretary of the New Patriotic Party (NPP), Justin Kodua Frimpong, has filed his nomination to contest the position of General Secretary again as the party begins its rebuilding efforts ahead of the 2028 general elections.

He was accompanied by party stalwarts and supporters who were in high spirits, expressing confidence that he is the right person to hold the position.

Speaking after filing his nomination, Mr Kodua Frimpong assured the rank and file of the party that he would not disappoint them.

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“I can assure you that the faith the rank and file of the party have had in me, I will never disappoint them,” he said.

He also pledged to run a clean campaign devoid of personal attacks.

“I can assure you that our internal campaign will be devoid of personal attacks,” he told his fellow contestants and the rank and file of the party as he seeks to retain his position.

His tenure has seen the party through the 2024 general elections, where the NPP lost power to the National Democratic Congress (NDC) after eight years in government.

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The party is currently in a rebuilding phase, with internal elections scheduled to elect new national executives to lead its reorganization towards the 2028 polls.

The General Secretary position is considered one of the most influential in the party’s administrative structure, responsible for the day-to-day running of the party secretariat and implementation of party decisions.

By Edem Mensah-Tsotorme

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UGMC disputes Michael Blackson’s claims over late mother’s treatment

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The University of Ghana Medical Centre (UGMC) has disputed claims made on social media by comedian Michael Blackson concerning the treatment given to his late mother, saying a review found that the allegations did not accurately reflect what happened during her stay at the hospital.

In a statement issued in Accra on August 5, 2026, the management of UGMC expressed condolences to Mr. Blackson and his family over the death of his 83-year-old mother, who died at the facility on July 16, 2026.

The hospital said it had taken the concerns raised by Mr. Blackson seriously and conducted a thorough review in line with its clinical and administrative procedures.

According to the statement, the facts presented by Mr. Blackson on social media contained “numerous inaccuracies” and did not accurately reflect the medical care provided to his mother.

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UGMC explained that she was referred to the facility from another hospital and received treatment there from May 27 to July 16, 2026, a period of about eight weeks.

The hospital stated that it would not release details of her diagnosis, treatment, medical records or other aspects of her care because it had a duty to protect patient confidentiality, even after death.

It said the decision was intended to respect the dignity of the deceased and the privacy of her family.

UGMC further stated that all clinical decisions at the facility are made by qualified healthcare professionals based on medical judgment, established standards of care and the best interests of the patient.

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The statement added that such decisions are made in consultation with authorised family representatives where necessary and that billing and financial procedures are governed by institutional policies and are separate from clinical decision-making.

The hospital noted that it values feedback from patients and their families and considers both positive and negative comments important for improving the quality of care.

Mr. Blackson had earlier used social media to criticise the care his mother received at UGMC, prompting the hospital’s response.

By: Jacob Aggrey

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