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BoG’s $250m head office: We will join Minority’s demo – Arise-Ghana
Pressure group, Arise Ghana has served notice it will join the Minority’s demonstration against the Bank of Ghana’s governor and his deputies.
According to the group, the decision was taken after a “painstaking study of the damning revelations contained in the 2022 report and financial statements of the Bank of Ghana.”
In a press statement issued on Monday, August 21, it also described the central bank’s decision to construct a new headquarters as irresponsible.
“Arise Ghana has followed keenly the recent public discourse on the dire state of the Bank of Ghana emanating from the 2022 Audit Report and Financial Statements of the bank.”
“After painstakingly studying the damning revelations contained in the 2022 Report and Financial Statements of the Bank of Ghana, we have come to the conclusion that the Central Bank is in the unprecedented mess it presently finds itself because of crass mismanagement by the Addison-led Board and management.”
The pressure group also lashed out at the BoG for allegedly printing GH¢77 billion for the government.
“We hold the view that the illegal printing of money by BoG in the year 2021 and 2022 to the tune of GHS77 billion to finance the recklessness of the corrupt Akufo-Addo/Bawumia/NPP government, in flagrant disregard of section 30 of the BOG Act (as amended) is the height of irresponsibility and must be condemned by all well-meaning Ghanaians.”
“Even more bizarre and condemnable, is the illegal writing of about GHS32 billion of this amount without recourse to Parliament in breach of section 53 of the Public Financial Management Act.”
“In fact, these irresponsible and criminal acts of the BoG Governor, ably supported by his deputies and useless Board of Directors, is what has plunged the once profitable BoG bank into unprecedented losses to the tune of GHS60.8 billion and a negative equity of GHS55.1 billion in 2022 alone.”
The Minority in Parliament on Tuesday, August 8, demanded the resignation of Dr Ernest Addison and his deputies, levelling grave allegations of gross financial mismanagement within the Bank of Ghana.
The NDC MPs claimed that Dr Addison must quit his post for supervising the ¢60 billion loss the Central Bank recorded for the year-ending 2022.
The Minority also alleged that the Bank of Ghana failed to report its activities to Parliament.
BoG in a statement attributed the losses to the government’s domestic debt restructuring activities and the depreciation of the cedi.
This position, the Majority Leader Osei-Kyei-Mensah-Bonsu has affirmed, stating that no wrongdoing has occurred.
However, the Minority have warned that should the trio fail to resign, they will organise a mammoth protest against them.
Source: Myjoyonline.com
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GEXIM deepens relations with US EXIM Bank
A management team of the Ghana Export – Import Bank (GEXIM) led by the Acting Chief Executive, Sylvester Mensah met with the leadership of the Export–Import Bank of the United States (US EXIM) on Wednesday April 23, 2025 in Washington DC, United States of America.
The Acting President and Chairman of US EXIM, Mr. James C. Cruse and Vice President, International Relations, Ms. Isabel Galdiz received the GEXIM delegation, which included Deputy CEO for Banking, Mr. Moses Klu Mensah and Head of International Cooperation, Mr. Jonathan Christopher Koney at the headquarters of US EXIM.
The meeting offered the GEXIM team the opportunity to share the strategic direction of the Bank in line with the resetting agenda of the President of the Republic, His Excellency John Dramani Mahama for the repositioning of the Ghanaian economy into an export-led one by providing the requisite investment to Ghanaian businesses.
Mr. James C. Cruse expressed US EXIM’s eagerness to deepen its existing relations with GEXIM and proposed the signing of a new Cooperative Framework Agreement following the expiration of a Memorandum of Understanding signed in 2019 to utilize US EXIM’s medium term loan guarantees to procure machinery by GEXIM for qualified Ghanaian Small and Medium-sized Enterprises (SMEs).
Mr.Sylvester Mensah thanked the Acting President and Chairman of US EXIM for hosting the GEXIM delegation and reaffirmed the Ghanaian government’s commitment to strengthening trade and investment between Ghana and its global partners for economic transformation of Ghana with GEXIM playing a pivotal role.
The two teams will be meeting on the sidelines of the 2025 US EXIM Annual Conference on 29th and April 30, 2025 to explore possible areas of collaboration and matching Ghanaian businesses to American companies. The meeting ended with an exchange of gifts.
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
