• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Governor Addison defends BoG’s stability amidst GHS 60.8bn loss

2 years ago
in Banking & Finance, Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
87
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Governor Addison defends BoG’s stability amidst GHS 60.8bn loss

Amidst mounting calls for the resignation of Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), alongside his two deputies, the central bank has assured that its operations will remain unaffected despite a significant loss of GH¢60.8 billion recorded in 2022.

The Minority in Parliament, referring to the institution’s “insolvency” and “mismanagement,” has demanded the officials’ resignation. Dr. Addison, in a recent press briefing on August 21, 2023, emphasized that the loss would not hinder the bank’s operations, as affirmed by the International Monetary Fund’s Technical Assistance mission prior to providing a bailout.

Dr. Addison underscored the distinct nature of central banks compared to commercial banks, highlighting that the Bank of Ghana’s financial condition would not impede its functioning. He cited the IMF’s declaration that the bank was “policy solvent” and would remain so due to ample income coverage for monetary policy operational costs. The bank’s capital strength, approximately 15% of its total liabilities, was noted as robust, prompting the IMF’s recommendation to retain all profits, with a reevaluation scheduled for 2027.

Reassuringly, Dr. Addison conveyed the bank’s intention to manage operational costs efficiently throughout 2023. He clarified that the losses recorded in the previous year were technical in nature, arising from factors such as the application of accounting standards and the “haircut.” These financial losses did not originate from the bank’s operational activities in 2022.

Presenting a broader perspective, Dr. Addison characterized the loss as a reflection of the cumulative economic and social crises that Ghana has confronted over time, serving as an attempt to address systemic issues within the nation’s economy. Importantly, he illuminated that the Bank of Ghana had previously encountered negative equity during specific periods, including 2017 and 2018, due to factors such as legacy liquidity support loans and exchange rate fluctuations.

In light of historical occurrences, the Governor noted that the bank’s balance sheet has historically been impacted by significant national challenges. To debunk assertions of frequent government financing, Dr. Addison clarified that the Bank of Ghana had provided support solely during exceptional circumstances like the pandemic-hit year of 2020 and the crisis year of 2022. He reaffirmed the bank’s adherence to relevant legal frameworks, including limits on government financing set at 5% of the previous year’s tax revenue as per the Bank of Ghana Act (612), as amended.

RelatedPosts

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

The Governor clarified that the bank’s actions during the pandemic were in accordance with the applicable laws governing the institution, such as Section 30(6) of the Bank of Ghana Act, allowing for the purchase of Covid-19 bonds to support the economy through the pandemic. Dr. Addison concluded by underscoring the bank’s commitment to responsible financial management and compliance with regulations.

Tags: BOGGovernor AddisonGovernor Addison defends BoG's stability amidst GHS 60.8bn loss
No Result
View All Result

Highlights

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

BoG Designates Digital Credit Services as Non-Bank Financial Service

Trending

Features

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

August 30, 2025

Ghana Warns of Rising Google Maps Brand Impersonation Scams The Cyber Security Authority (CSA) has issued a...

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

August 30, 2025

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

August 30, 2025

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

August 30, 2025

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

August 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.