Dr Atuahene Demands Accountability Over Bank of Ghana’s GHS 53 Billion Negative Equity
Banking consultant Richmond Atuahene has called for accountability over the Bank of Ghana’s (BoG) GHS 53 billion negative equity, insisting that those responsible for the financial mismanagement must be held accountable.
In an interview on Joy FM on Wednesday, March 12, Atuahene urged Parliament to summon officials who violated financial regulations and exceeded the central bank’s fiscal financing threshold.
“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 comments follow Finance Minister Dr. Cassiel Ato Forson’s recent statement advising BoG to explore internal cost-cutting measures instead of relying on taxpayer funds for a GHS 53 billion bailout to restore its financial position.
Dr. Atuahene endorsed the Finance Minister’s stance, arguing that the government cannot afford to recapitalise the central bank amid Ghana’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.
He urged BoG to explore internal restructuring, cost-cutting measures, and asset sales—including a sale-leaseback arrangement on some of its properties—to raise the necessary capital.
Dr. Atuahene also warned of the potential damage to Ghana’s international credibility if BoG remains in a financially distressed state.
“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 cautioned.
Additionally, he criticised the central bank’s claims of being “policy solvent,” arguing that capital solvency is the critical issue at hand.
“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.
The debate surrounding BoG’s financial health continues, with calls for institutional reforms to prevent further fiscal mismanagement.
