BoG’s GHC60 Million Loss: Officials involved must refund money- Franklin Cudjoe.

Franklin Cudjoe, a governance specialist and the president of IMANI Ghana, has urged Bank of Ghana officials to reimburse them for the GHC60.8 billion loss they incurred in 2022.

The central bank is prohibited by law from making expenditures that exceed 5% of its entire revenue from the previous fiscal year, but the executives of the Bank chose to disobey the law, claims the President of IMANI Ghana. Therefore, the lost sum should be added to their bill.

On August 8th, 2023, Mr. Cudjoe said that responsibility includes paying back our money and quitting on TV3’s Ghana Tonight.

“I would demand reimbursement from these bank officials, probably in the form of a sum paid to the state. Not even requesting a resignation is sufficient.

In response to demands from the minority in parliament that Dr. Ernest Addison, governor of the Bank of Ghana, and his two deputy governors quit for overseeing the loss reported in the 2022 financial statement, Mr. Cudjoe made the statement.

Why should people’s money be wasted, Mr. Cudjoe asked. “I am confident their wages, and payments have been paid with their pensions guaranteed. Even the Minority’s call for resignation is insufficient. They ought to cover a portion of the loss. They ought to be forced to pay a large amount of the money.

He argued that it is unpersuasive for bank executives to claim that their loss was caused by loans granted to the Ghanaian government and the present domestic debt exchange program.

“One thing I don’t understand is why the central bank broke the law while stating that it wouldn’t lend to the government for more than a certain proportion. What is the memo being signed for, then? We are not children to sin; therefore, repent and swear not to sin again. In addition, the memo is especially unpleasant. You decide to defy the financial code despite there being a clear law and doing so with such impunity, Mr. Cudjoe griped.

According to the President of Imani Africa, if the owners of the now-defunct Capital Bank are being prosecuted for comparable offenses, then Bank of Ghana employees who lost GHC60 billion cannot be allowed to escape punishment while others are punished.

“The Domestic Debt Exchange Program is still hurting us, but I’m sure we can’t just throw money away like that… He insisted, “You shouldn’t have done it, and it should even have been legal.

In its fiscal report for 2022, the Bank of Ghana reported a loss of GHC 60.8 billion.

According to the Bank, this is because the Government of Ghana’s securities holdings, worth 48.45 billion dollars, loans and advances given to quasi-government and financial institutions, worth 6.12 billion dollars, and the depreciation of the local currency, which resulted in a net exchange loss of 5.27 billion dollars, have all been impaired.

According to the Bank of Ghana, the loss was caused by the domestic debt exchange program of the Ghanaian government.

Source:3News.com