News
Whoever created BoG’s GH₵53bn negative equity mess should be held responsible – Dr. Atuahene
Banking consultant Richmond Atuahene has called for accountability over the Bank of Ghana’s (BoG) GH₵53 billion negative equity, insisting that those responsible for the mess must be held accountable.
In an interview on Joy FM’s Midday News on Wednesday, March 12, he called for those responsible for breaching financial regulations to be summoned before Parliament to explain their actions.
“There was a law that stated they should not exceed a 5% fiscal financing threshold, yet they went as high as 60%. This is a clear violation, and they cannot claim ignorance. The Governor, the Minister, and those involved must be held accountable for their actions,” he asserted
His comment comes after the Finance Minister, Dr. Cassiel Ato Forson, advised BoG to explore internal cost-cutting measures instead of relying on taxpayer funds for a GH₵53 billion bailout to address its negative equity position.
Dr. Atuahene supported the Finance Minister’s stance that the government cannot afford to recapitalise the central bank at this time, given the nation’s fiscal constraints.
“Like the Minister said, you don’t create a mess and leave it for others to clean up. Whoever created this mess must take personal responsibility. When they engaged in the monetisation of fiscal deficits in 2021 and 2022, some of us warned them about the consequences, but they didn’t listen,” he stated.
Dr. Atuahene stressed that rather than relying on external funding, the Bank of Ghana should explore internal restructuring, cost-cutting, and asset sales, including a sale-leaseback arrangement on some of its properties, to raise the necessary capital.
He also highlighted the potential damage to Ghana’s international credibility if the Bank of Ghana remains in a financially distressed position.
“This affects Ghana’s credibility. BoG has correspondent relationships with the Bank of England, the Federal Reserve, and the African Development Bank. If it continues to operate in a capital-deficient state, international institutions may lose confidence in our financial system,” he warned.
Dr. Atuahene also criticised the central bank for insisting that it is “policy solvent,” arguing that capital solvency is more critical in this situation.
“You can claim policy solvency all you want, but if you are capital insolvent, it means you cannot function properly. BoG has been making losses year after year. They made losses in 2023, and they are making losses in 2024. How long will this continue?” he questioned.
Source: Myjoyonline.com
News
Heritage Month Ghana trends
Since the institution of the Heritage Month celebration in Ghana, it has offered citizens opportunities of a lifetime to learn about their cultures and lifestyles.
Ghana’s version is observed in the month of March, coinciding with the country’s Independence Day celebrations on March 6.
Show host, George Sappor in full
regalia as a traditional leader
outfit to mark Independence Day and
Heritage Month. She usually does it with
husband and best friend, Kofi Aduonum
but in his absence, she maintained the
poise to attract the atte
Heritage Month features festivals, food fairs, arts, crafts, and music events to highlight the economic and social value of preserving national heritage.
Though a brainchild of the Ghana Tourism Authority (GTA), the celebration has been driven to greater heights by local media with the organisation of several events to create the needed euphoria.
at Original TV gave
culture a touch of ‘old
school’ in her presentation
last Tuesday to wow
her audience as part of
the station’s Heritage
Month celebration
Among the events are the Heritage Caravan and Back To Your Village Food Bazaar powered by Accra-based Citi FM and Citi TV, Wear Ghana Festival and the Gɔbɛ festival powered by 3News.
The Heritage Caravan is a road trip which takes patrons across more than half of Ghana’s regions to offer a distinctive road trip that allows participants to explore the various regions of Ghana, providing an up-close encounter with the country’s historical and cultural heritage.
In addition to these roles played by the media, news anchors and other presenters appear on screens immaculately garbed in locally made outfits, bringing out the beauty of our traditions.
Today, The Spectator newspaper selected a few of the media personalities that are working to give the celebration a global dimension to project the country.
By Andrew Nortey
News
MoMo vendor 24 murdered at Kwadaso
A disturbing crime has shaken the Kwadaso Onion market community in Kumasi, leaving family and friends grieving the loss of a young life.
Identified only as Junior, a 24-year-old mobile money vendor, was found murdered in his room on Saturday, March 8, 2025.
According to eyewitnesses, Junior had returned home the previous day with a substantial amount of money, over Gh¢20,000.
It was suspected that the killers might have been motivated by the large sum of money in Junior’s possession.
A police source that confirmed this to The Spectator, said investigation has been launched into Junior’s murder, but so far, no arrests have been made.
The Kwadaso community is reeling in shock, calling for justice and an end to the atrocity that has claimed the life of a young and promising individual.
Junior, is believed to be a native of Ejisu Onwe, and was known to his colleagues and friends as a hardworking and diligent individual who worked at the Kumasi Race Course.
His tragic death serves as a stark reminder of the risks and challenges mobile money vendors faced.
The incident comes barely a month after Patricia Nimako, a 27-year-old Mobile Money (MoMo) vendor, was shot and killed at Krofrom, Kumasi in the Ashanti region by an unknown assailants.
The suspected armed robbers fled with the deceased cell phones and an amount of GH¢10,000 on Thursday, February 13, at approximately 3:00 p.m.
The two armed robbers reportedly stormed the kiosk where the deceased was operating and without any provocation shot her dead.
There has not been any arrest yet by the police.
From Kingsley E. Hope , Kumasi
