TIG Post

Tag: BoG recapitalisation levy

  • No BoG recapitalisation levy in the offing – Govt

    No BoG recapitalisation levy in the offing – Govt

    A Deputy Minister of Finance, Dr. John Ampontuah Kumah, has refuted assertions made by the Minority Leader regarding the government’s purported intention to implement a Bank of Ghana (BoG) recapitalization levy for citizens to bear.

    During a press conference held on Tuesday, August 8, Dr. Ato Forson stated that the government’s aim is to introduce the levy as a preventive measure to avert the potential collapse of the central bank due to its recent financial setbacks.

    “The IMF has made offers to assist the Government to develop a plan for the recapitalization of the Central Bank.

    That is why paragraph 18 of Ghana’s Memorandum of Economic and Financial Policy (MEFP) sent to IMF stated this fact.”

    “Let me assure you that very soon, Ghanaians will be made to pay for Bank of Ghana recapitalization levy, a tax to recapitalise the Bank of Ghana, because the central bank has collapsed virtually,” the Minority Leader claimed.

    In a Facebook update posted on Wednesday, August 8, the Deputy Minister of Finance unequivocally rejected the assertion. The Member of Parliament for Ejisu clarified that the government has no intention of implementing the suggested levy, emphasizing the robustness of the Bank of Ghana.

    He emphasized that the Bank of Ghana remains sturdy and urged Ghanaians to dismiss the opposition National Democratic Congress (NDC)’s propagandist claims.

    “Ignore this funny NDC Propaganda about the collapse of the Bank of Ghana (BoG). BoG is Solid!”

    “The NDC is funny! It’s not true that a recapitalisation levy is to be introduced for BoG, the Central Bank hasn’t collapsed.”

    “The main source of income to the Bank is from government transactions, i.e. fees and charges on all government transfers, the bank’s investments in marketable instruments, and also earnings from non-marketable holdings of the Bank,” he said. 

  • Ghanaians to pay BoG recapitalisation levy soon – Ato Forson

    Ghanaians to pay BoG recapitalisation levy soon – Ato Forson

    Minority Leader in Parliament, Dr. Cassiel Ato Forson, claims that the government has plans to implement a Bank of Ghana (BoG) recapitalization levy, which Ghanaians will be required to pay.

    He explained that this measure aims to safeguard the central bank from potential collapse resulting from its recent financial losses.

    He made this known during the National Democratic Congress’ (NDC) ‘Moment of Truth’ address on Tuesday, August 8 at the party’s headquarters.

    “The IMF has made offers to assist the Government to develop a plan for the recapitalization of the Central Bank.

    That is why paragraph 18 of Ghana’s Memorandum of Economic and Financial Policy (MEFP) sent to IMF stated this fact.”

    “Let me assure you that very soon, Ghanaians will be made to pay for Bank of Ghana recapitalization levy, a tax to recapitalise the Bank of Ghana, because the central bank has collapsed virtually,” the Minority Leader claimed.

    The legislator representing Ajumako-Enyan-Essiam therefore strongly criticized the Governor of the Bank of Ghana for allocating $250 million towards constructing a new headquarters, especially when the central bank is grappling to maintain its stability.

    “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 (¢2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country.”

    Meanwhile, the NDC MPs have called for the immediate resignation of the Governor of the Bank of Ghana (BoG), Dr Ernest Addison and his deputies.

    “We call for the immediate resignation of the Governor of the Central Bank and his deputies within 21 days from today,” the Minority Leader demanded.