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Isaac Adongo, the Deputy Ranking Member on the Finance Committee of Parliament, has strongly criticized Dr. Ernest Addison, the Governor of the Bank of Ghana, for the delayed submission of the central bank’s financial statements.
Adongo highlights that according to the law, the Bank of Ghana must publish its assets and liabilities every 15 days and submit the financial statements by the end of each month. However, he points out that the Bank of Ghana must still fulfill this requirement.
In a press conference, Adongo, who is also the MP for Bolgatanga Central, expressed his intention to take action to summon Dr. Ernest Addison due to perceived mismanagement of the economy.
Adongo raises concerns about the Bank of Ghana’s failure to comply with its own Act, stating that such actions by the Governor raise significant concerns.
“Our country is currently facing a distressing situation. We all know that our economy is in disarray, and one contributing factor is Dr. Addison’s mismanagement of the Bank of Ghana. It is ironic that under Dr. Addison’s leadership, the Bank of Ghana readily revokes the licenses of financial institutions that do not adhere to the BoG Act. Still, the Bank of Ghana is not following its own Act.”
“These actions raise serious concerns for our country. The Bank of Ghana printed and injected substantial money into government activities in previous years. Consequently, we have experienced high inflation levels, interest rates, and an unprecedented depreciation of the cedi.”
“We have been patiently waiting for the Bank of Ghana’s financial statements, which, according to the law, should have been published by the end of April. However, we are now halfway through the year, and all other banks have complied with filing their returns to the Bank of Ghana.”
“These reports include detailed audited reports of the banks, breaking down every item on the banks’ balance sheets. Unfortunately, the Bank of Ghana has failed to comply with its law and perform the same duties as other banks.”
Adongo assures that they will ensure accountability from the Governor of the Bank of Ghana for his actions.
“The Bank of Ghana has violated these provisions for almost six months. I want to warn Dr. Addison that he has taken individuals to court for violating the BoG Act. He should know the same level of accountability will be expected from him.”
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Source: Omanghana.com
