Minority Leader Urges President Akufo-Addo to Address Nation on Bank of Ghana Revival Plans

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Minority Leader Dr. Cassiel Ato Forson has called on President Nana Addo Dankwa Akufo-Addo to speak to the nation about the government’s strategies to revive the Bank of Ghana (BoG).

“Given the unprecedented collapse of our central bank, it is imperative for the President of Ghana to urgently address the nation. During this address, the President should outline the decisive actions that the government plans to implement in order to restore solvency to the Bank of Ghana,” Mr. Forson expressed his thoughts in a Facebook post on Monday.

Forson pointed out that in cases where a regulated institution’s financials or liquidity status is compromised, the Bank of Ghana would typically issue directives, which might include preventing dividend distributions, even if the institution managed to generate profits.

“Granting of new loans will be put on hold; Appointment of new directors will be restricted; Capital expenditure will be temporarily suspended and staff recruitment will be paused, and other similar measures will be taken,” he added.

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Meanwhile, Forson has countered assertions made by Richard Ahiagbah, the Director of Communications for the New Patriotic Party (NPP), stating that he was not a member of the Bank of Ghana (BoG) Board during the initiation of procedures for the construction of the bank’s new headquarters.

In a press release, Forson stated that the claim is a “desperate attempt [by the NPP] to defend the indefensible.”

He clarified that during the Mahama/NDC administration, the Bank of Ghana did not grant any contract for the construction of their new head office, nor did they acquire any land within Accra for that purpose.

“For the record, I was not part of the processes for the construction of this new Head Office building, and the Bank of Ghana Board never began such processes for the construction of this new Head Office building at Ridge. We maintain that the decision by the current Bank of Ghana Management and Board to construct an ultra-modern Head Office building at a time when the Bank of Ghana has recorded a loss of GhS60.8 billion and a negative equity of GHS55.1 billion; at a time when the ordinary Ghanaian is struggling to make ends meet, is a reckless and misplaced priority.”

“No attempt at equalisation can redeem the historical collapse and mismanagement of the Bank of Ghana by this Akufo-Addo/Bawumia NPP government, alongside Governor Addison and his management. The countdown to the resignation of the Governor and his deputies is still on,” Dr. Forson added.

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