Adongo criticizes Ofori-Atta for justifying the losses of BoG stating that Addison should be held responsible

Isaac Adongo, the Ranking Member on Parliament’s Finance Committee, has strongly criticized Finance Minister Ken Ofori-Atta’s dismissal of criticisms directed at the leadership of the Bank of Ghana (BoG) regarding the bank’s GH¢60 billion loss.

Adongo labeled Ofori-Atta’s remarks as “unfortunate and disheartening,” asserting that they overlook the fact that the BoG is obligated to report on its comprehensive income statement, which discloses either profit or loss.

“Non-governmental organisations that are not profit-making don’t report comprehensive income statements and they don’t disclose profits or losses. They disclose deficits or surpluses. Is Ken Ofori-Atta aware that because of its special mandate and its need to make a profit or loss that is why the international financial standards require such entities to report comprehensive income statements revealing profit or loss?” Adongo questioned.

Adongo argued that the BoG should be held accountable for its losses, just like any other public institution.

He supported the minority caucus in Parliament’s call for answers from the BoG leadership, emphasizing the need to understand the circumstances surrounding the lost funds, the reasons behind the BoG’s financial mismanagement, and the measures being taken to prevent future losses.

While the BoG has defended its performance, citing various factors such as the COVID-19 pandemic, the war in Ukraine, and the Domestic Debt Exchange as contributors to the losses, Adongo and other critics remain unconvinced.

They contend that the BoG’s losses indicate mismanagement and insist on holding the central bank accountable.

In response to plans by the minority caucus in Parliament to protest against Dr. Addison, accusing him of mismanaging the central bank and causing a loss of GHS60.8 billion in 2022 and negative equity of GHS55.1 billion, Finance Minister Ofori-Atta published an article titled “Standing Strong With The Bank of Ghana.”

In the article, he emphasized that the primary objective of the Bank of Ghana, like all central banks, is not profit generation. Instead, he stressed the importance of managing the central bank as a financially sustainable institution rather than focusing solely on profitability.