The opposition has slammed the Bank of Ghana’s recent financial disclosures, labeling them as opaque and dismissive of the public's economic intelligence.
A spokesperson for Dr Mahamudu Bawumia, the opposition New Patriotic Party (NPP) 2028 flagbearer has accused the Bank of Ghana of lacking transparency over its financial reporting and defended criticism of recent losses posted by the central bank.. Dr Ekua Amoakoh, speaking on The Forum on Asaase Radio, questioned the handling and presentation of the Bank of Ghana’s financial statements, alleging inconsistencies in how the figures were disclosed.. “The mischief begun when the report was
taking off their website at midnight.. It was only up for 2 hours and they put it down,” she said, describing the action as “bad faith.” She also criticised explanations given by government-aligned figures regarding the central bank’s reported losses, which have been linked by officials to the cost of monetary stabilisation measures, including inflation control and gold-related operations.. “They are telling us that the loss we are seeing is the cost of reducing inflation,”
she said.. Dr Amoakoh argued that recent changes to the bank’s gold purchase programme had coincided with the emergence of losses, questioning the timing and policy rationale.. Unresolved challenges She further claimed that despite reported macroeconomic improvements, broader economic and social challenges remained unresolved, including unfinished infrastructure projects and delays in payments to public sector workers.. “Are you aware that the Agenda 111 which is 99 percent complete is not open,” she said, referring to
the government’s hospital construction programme.. She also cited difficulties in the cocoa sector and concerns over delayed salaries for nurses and teachers.. No transparency Dr Amoakoh accused the governing National Democratic Congress (NDC) of failing to communicate transparently with the public over the economic situation.. “They don’t credit us with some intelligence,” she said, adding that explanations provided by officials were not convincing.. NDC defence The NDC has previously defended the central bank’s financial position,
arguing that reported losses reflect the cost of stabilising the economy rather than mismanagement.. A member of the National Democratic Congress (NDC) communications team, Julius Kattah who was also on the show said the central bank’s role in managing inflation, currency volatility and debt restructuring inevitably came with financial costs, which he said were being misinterpreted by the opposition New Patriotic Party (NPP).. “The Bank of Ghana is the stabiliser of the economy,” he said
during an interview on The Forum on Asaase Radio on Saturday (9 May).. “So if today the Bank of Ghana chooses to stabilise the economy… there would definitely be a cost incurred during the process of stabilising the economy.” Kattah, however, rejected that interpretation, insisting that the losses reflected “prudent” economic management under difficult conditions, including inherited debt obligations.. Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra) Affiliates: Bawku FM
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Bank of Ghana, Dr. Mahamudu Bawumia, Ghana economy, financial losses, transparency, NPP, NDC