In August 2023, Minority Leader Dr. Cassiel Ato Forson accused government of planning to impose a Bank of Ghana (BoG) recapitalization levy on Ghanaians.
He alleged that this levy is intended to shore up the central bank, which he claims is on the brink of collapse due to mismanagement.
The National Democratic Congress (NDC) has demanded the immediate resignation of BoG Governor Dr. Ernest Addison and his deputies, holding them responsible for the reported GH¢60 billion losses in 2022.
Speaking to journalists on August 8, 2023, Dr. Ato Forson criticized what he described as the unfortunate mismanagement at the Bank of Ghana.
He pointed to international offers from the IMF to assist in developing a recapitalization plan for the central bank, citing Ghana’s Memorandum of Economic and Financial Policy (MEFP).
He warned that Ghanaians could soon face a new tax specifically for the purpose of recapitalizing the BoG.
Dr. Ato Forson also criticized the BoG’s decision to spend $250 million (GHC2.8 billion) on constructing a new headquarters while the institution struggles financially.
He labeled this expenditure as insensitive amid the country’s economic challenges.
The Governor of the Bank of Ghana, Dr Ernest Addison, has justified the quest to recapitalize the central bank.
The Ministry of Finance and the Bank of Ghana will sign the MoU to ensure that the Central Bank can continue with its mandate of managing monetary policy and ensuring price stability.
The recapitalization plan will look at the capital required, the timeline for recapitalization and more importantly, the sources of funding.
Watch video below:
Flashback: You'll pay recapitalization fee soon; BoG has collapsed- Ato Forson to Ghanaians
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