BoG Brouhaha: Minority Has Been Better Source of Public Information - Prof. Smart Sarpong

Professor Smart Sarpong has lauded the Minority in Parliament after they revealing some information about the Bank of Ghana during their "Moment of Truth" event held on Tuesday, August 8, telling the media the Bank of Ghana, last year, lost over GHc 60 billion.The Bank of Ghana, according to a statement read by the leader of the Minority in Parliament, Cassiel Ato Forson, recorded a "catastrophic decline" in 2022.The bank, he disclosed, "recorded a staggering loss of GHS60.8 billion, which is equivalent to $6 billion.

This is twice the amount we are to receive from our recent IMF bailout"."This means the recklessness and mismanagement of the Governor of the Bank of Ghana has cost the nation twice what we are struggling and sacrificing to receive from the IMF amid major conditionalities", Hon.

Ato Forson asserted.The Minority further revealed "the bank has also recorded a negative equity of over GHS55.1 billion.

What this simply means is that the Bank of Ghana is insolvent", adding "in other words, the once prestigious Bank of Ghana, the mother of all banks in Ghana, has been bankrupted and collapsed by this NPP economic management team led by Dr Mahamudu Bawumia with the complicity of the Governor of the Central Bank".They accused the Governor of the bank, Dr.

Ernest Addison for this loss and say he and his deputies must resign from office within 21 days.Addressing the issue on Peace FM's panel discussion programme "Kokrokoo", Professor Smart Sarpong, a Senior Research Fellow of the Kumasi Technical University, noted that regarding this BoG matter, the Minority has been a better source of public information.He wondered why the bank authorities have failed to lead the conversations regarding activities of the bank and delivering reports and explanations to the public to dispel doubts and misconceptions."It tells you that the Minority, in this case, has become a better source of public information than the Bank of Ghana," he told Kwami Sefa Kayi.To him, it is unfortunate that the bank has been poor on feeding the public with relevant information and giving clarifications on matters and advised the authorities to review their public relations.