The Bank of Ghana (BoG) has rejected claims that it was reckless in its operations causing the bank to make a huge loss of GH¢60 billion recorded in 2022.
The Director of Research at BoG, Dr Philip Abradu-Otoo explained that what is seen on the balance sheet of BOG is not as a result of reckless policy, or bad decisions but the direct impact from the Domestic Debt Restructuring Programme.
The BoG’s audited financial statement for 2022 which was released on July 28, 2023, indicated that as of 31st December 2022, the total liabilities of the Central Bank and its subsidiaries exceeded its total assets by GH¢54.52 billion.
Dr. Philip Abradu-Otoo said the losses are as a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others.
Highlighting measures to recover the losses, the BoG Research Director stated that they will strictly ensure that the Central Bank’s profits are retained. He further disclosed that officials of BoG have started engaging the government to inject some capital into the Central Bank.
Dr. Philip Abradu-Otoo emphasized that the Bank of Ghana has not received a capital injection from the government since the 60s. He assured that they will be working assiduously to recover the loss.
Source: Citi