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Whoever created BoG’s GH₵53bn negative equity mess should be held responsible – Dr. Atuahene
Banking consultant Richmond Atuahene has called for accountability over the Bank of Ghana’s (BoG) GH₵53 billion negative equity, insisting that those responsible for the mess must be held accountable.
In an interview on Joy FM’s Midday News on Wednesday, March 12, he called for those responsible for breaching financial regulations to be summoned before Parliament to explain their actions.
“There was a law that stated they should not exceed a 5% fiscal financing threshold, yet they went as high as 60%. This is a clear violation, and they cannot claim ignorance. The Governor, the Minister, and those involved must be held accountable for their actions,” he asserted
His comment comes after the Finance Minister, Dr. Cassiel Ato Forson, advised BoG to explore internal cost-cutting measures instead of relying on taxpayer funds for a GH₵53 billion bailout to address its negative equity position.
Dr. Atuahene supported the Finance Minister’s stance that the government cannot afford to recapitalise the central bank at this time, given the nation’s fiscal constraints.
“Like the Minister said, you don’t create a mess and leave it for others to clean up. Whoever created this mess must take personal responsibility. When they engaged in the monetisation of fiscal deficits in 2021 and 2022, some of us warned them about the consequences, but they didn’t listen,” he stated.
Dr. Atuahene stressed that rather than relying on external funding, the Bank of Ghana should explore internal restructuring, cost-cutting, and asset sales, including a sale-leaseback arrangement on some of its properties, to raise the necessary capital.
He also highlighted the potential damage to Ghana’s international credibility if the Bank of Ghana remains in a financially distressed position.
“This affects Ghana’s credibility. BoG has correspondent relationships with the Bank of England, the Federal Reserve, and the African Development Bank. If it continues to operate in a capital-deficient state, international institutions may lose confidence in our financial system,” he warned.
Dr. Atuahene also criticised the central bank for insisting that it is “policy solvent,” arguing that capital solvency is more critical in this situation.
“You can claim policy solvency all you want, but if you are capital insolvent, it means you cannot function properly. BoG has been making losses year after year. They made losses in 2023, and they are making losses in 2024. How long will this continue?” he questioned.
Source: Myjoyonline.com
The National Identification Authority (NIA) has announced the commencement of enforcement of the National Identity Register (Amendment) Regulations, 2026 (L.I. 2523), warning institutions that fail to comply with the new requirements of possible fines of up to 2,000 penalty units.
The Authority says it will deploy a Biometric Verification Implementation Task Force to inspect institutions and ensure they comply with the regulations, following the expiration of a three-month grace period granted to businesses and public institutions.
Speaking at a press briefing in Accra on Monday, November 2, 2026, the NIA’s Corporate Affairs representative, William Ampomah Emmanuel Darlas, said the Authority had completed its public education and stakeholder engagement activities and was now moving into the enforcement and compliance monitoring phase.
He explained that the regulations require institutions that verify the identities of customers or applicants as part of their operations to use the NIA’s approved biometric verification platform instead of relying solely on visual inspection of the Ghana Card.
Under the new rules, institutions are prohibited from photocopying, scanning or keeping copies of the Ghana Card for identity verification purposes.
Mr Darlas stressed that simply collecting a customer’s Ghana Card, looking at the photograph and comparing it with the person presenting it would no longer be accepted as a valid method of identity verification.
He, however, clarified that the Ghana Card remains the country’s official national identity document and that citizens are not required to register for a new card or capture their biometrics again under the new regulations.
He said the new system is intended to reduce identity fraud, impersonation and other crimes by ensuring that the person presenting the Ghana Card is the actual owner.
According to him, the biometric verification process will rely on information already captured during Ghana Card registration, including fingerprints, iris details and facial features stored in the card’s chip.
Mr Darlas warned institutions against using third-party companies or individuals to access the NIA’s identity verification platform, insisting that the Authority does not work with intermediaries.
He said institutions seeking access to the National Identity Register must deal directly with the NIA and complete its official onboarding process.
The process requires institutions to prove that they are legally registered companies in Ghana, obtain certification from the Data Protection Commission and work with the NIA’s technical team to establish the necessary connection to its platform.
He further cautioned institutions already connected to the platform against subletting their access to other businesses, particularly small and medium-sized enterprises.
He disclosed that the Authority had received reports of some institutions providing their verification services to other businesses without the NIA’s approval and warned that those involved would face legal action.
Mr Darlas said organisations that fail to comply with L.I. 2523 could face fines ranging from 500 to 2,000 penalty units, depending on the nature of the offence.
He explained that the NIA does not have the authority to impose the fines directly but would take offenders to court for the appropriate punishment.
He indicated that Institutions found guilty could also face additional administrative measures, including being barred from accessing the NIA’s verification platform in the future.
The NIA representative further clarified that the new regulations do not prohibit all institutions from physically using the Ghana Card during transactions.
The Managing Director of the Ghana Publishing Company Limited, Nana Kwesi Boatey, has revealed how he transformed a major overstaffing challenge into a success story through the government’s 24-Hour Economy initiative.
Speaking at the Government Accountability Series on Monday, November 2, Mr. Boatey disclosed that when he assumed office in February 2025, and inherited a bloated workforce of 250 employees doing work that could be efficiently handled by 150 people, a situation that created serious liquidity challenges for the state-owned company.
Instead of resorting to downsizing, he adopted an innovative approach by instituting a 24-hour operational system.
Under the new system, staff were redistributed across three shifts: 7 a.m. – 4:30 p.m., 10 a.m. – 7 p.m., and 10 p.m. – 4:30 a.m.
This not only ensured optimal use of labour but also maximized machine utilization and improved overall output.
According to him, the single move redefined the productivity culture within the company, reinforcing discipline, accountability, and efficiency.
The Ghana Publishing Company’s turnaround is being cited as a practical example of how the 24-Hour Economy policy can drive growth without job losses.
By Edem Mensah-Tsotorme
