The Minority Leader, Dr Cassiel Ato Fordson, has raised concerns about the Bank of Ghana’s decision to undertake massive construction projects despite incurring significant losses in the past years.
According to Dr Ato Forson, the central bank recorded colossal losses in 2022 and 2023, amounting to over 600,000% and 150,000% of its stated capital of GHS10 million, respectively.
He questioned whether such poor performance is acceptable for a central bank.
Dr Ato Forson specifically highlighted the construction of a new Headquarters worth about USD250 million and a multi-million dollar residence for the Governor at the location of the former Bank of Ghana Clinic in Ridge, Accra. The demolition of the clinic to make way for the Governor’s accommodation has raised eyebrows, especially considering the Bank’s financial struggles.
In a post on his platform, Dr Ato Forson stated, “The Bank of Ghana’s poor outcomes do not justify its decision to continue with these massive construction projects”. He emphasized the need for a cleanup within the Bank to restore it to its former glory.
With calls for accountability and prudence in financial management, the Bank of Ghana’s priorities have been brought into question. The focus should be on improving the Bank’s performance and ensuring that resources are allocated effectively to serve the best interests of the country.
