More than US$2 million was spent by the Bank of Ghana in purchasing two gold watches, the National Democratic Congress (NDC) has said.
According to the Minority Leader, Dr Cassiel Ato Forson this information was contained in the recently released Bank of Ghana (BoG) Annual report and Financial Statement.
The Member of Parliament (MP) for the Ajumako Enyan Esiam Constituency noted that: “We also saw in the report that the Bank of Ghana indeed spent an amount of US$2million on gold watches.”
He made the remarks during a press conference on Tuesday, August 8, 2023, at the NDC headquarters in Accra.
During the presser, he leveled various allegations against the Bank of Ghana Governor Ernest Addison, whom he accused of supervising gross mismanagement of funds at the Central Bank.
“After this dastardly act of over-lending to the government by the Central Bank, they then proceeded to do the unthinkable – to write-off a whooping GHC 48.4 billion, about half of Ghana Government’s indebtedness to the Central Bank, without parliamentary approval. This is illegal and criminal and the NDC Members of Parliament will not allow this to pass.
“Beyond the mismanagement of the economy and our finances, the spectacular recklessness and ineptitude of the Governor and his team has called into question the wisdom of leaving him at the helm of affairs of the Central Bank,” Dr Ato Forson said.
He further accused the governor of supervising the loss of huge sums of money which cannot be accounted for.
“The Report revealed that millions of Ghana Cedis have been wasted on frivolous administrative
expenditures. The Bank of Ghana spent a whopping GHC131.6 million on Motor vehicle maintenance and running in 2022 alone – a 114% increase over the previous year’s expenditure.
“Similarly, foreign and domestic travels of the Bank of Ghana cost the Ghanaian tax payer a staggering GHC97.4 million, which is about 246% increase over the previous year,” he said.
The Minority Leader further indicated that the Bank of Ghana dissipated another GHC8.6 million on Director’s remuneration alone.
“This represents about 87% increase over the previous year’s expenditure. This simply means that Ghanaians were charged a “Mismanagement Fee” to deliver the collapse of the Bank. The Bank further claimed to have spent a colossal GHC357.9 million on Banking Supervision Expenses. The report disclosed that the bank spent a whopping GHC67.9 million on computer expenses while communication expenses amounted to GHC32 million.
Additionally, “the Report disclosed ‘other’ undisclosed expenses amounted to GHS287.8 million of the taxpayer’s money. Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge,” Dr Forson said.
It is in view of this and other claims that the CDC has issued a 21 day ultimatum to the governor of the Bank of Ghana or face their wrath.
“In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country. The BOG’s illegal printing of money is responsible for the depletion of Ghana’s external reserves which resulted in the unprecedented depreciation of the Cedi, the main cause
of hyperinflation in 2022. It is important to state that the Governor breached section 30 (7) of the Bank of Ghana Act, 2012 (Act 612 ) and Section 60 of the Bank of Ghana Amendment Act, 2016 (Act 918). An estimated 850,000 people were further reported to have been pushed down the poverty line as a result of the hyperinflation in 2022.
“In this regard, we call for the resignation of the Governor of the Central Bank and his deputies within 21 days from today. We are resolved to embark on popular action to occupy the Central Bank and drive out the team of inept, callous and criminal mismanagers of the finances of this country and Save the Bank of Ghana. The March to Ensure Accountability will begin in 21 days if the Governor of the Bank of Ghana does not do the needful and pack bags and baggage out of that sacred institution that he has so desecrated. Dr Ernest Addisson Must Go! There has to be an end to impunity and it is NOW!” he said.