BoG Governor accused of failing to comply with financial reporting requirements
In a scathing rebuke, Isaac Adongo, Deputy Ranking Member on the Finance Committee of Parliament, has called out Dr. Ernest Addison, Governor of the Bank of Ghana, for allegedly neglecting to file the financial statements of the central bank for nearly six months.
Mr Adongo contends that the Bank of Ghana is mandated by law to publish its assets and liabilities every 15 days and submit financial statements by the end of each month.
However, since the beginning of 2023, the Bank of Ghana has purportedly failed to adhere to these directives, drawing criticism from Mr Adongo. He asserts that while the central bank is quick to revoke licenses of financial institutions that do not comply with the Bank of Ghana Act, it appears to be failing to comply with its own legislation.
The MP emphasizes that the Bank of Ghana played a role in the country’s current economic challenges, citing the excessive printing of money to finance government activities in recent years. Mr Adongo claims this contributed to soaring inflation rates, high-interest rates, and a significant depreciation of the cedi.
The MP expressed disappointment with the Bank of Ghana’s non-compliance, specifically with regard to the publication of its financial statements. According to him, all other banks have filed their returns and submitted detailed audited reports, allowing for comprehensive assessments of their balance sheets. However, the Bank of Ghana has not published its financial statements, violating its own legal obligations.
The MP warned that if Governor Addison does not rectify the situation promptly, the Minority Caucus is prepared to bring him before Parliament or take legal action. Adongo made it clear that accountability applies to all, including the Governor, and urged him to abide by the law to avoid further consequences.
Additionally, Mr Adongo called upon the Bank of Ghana’s Board of Directors and auditors to thoroughly investigate the matter. He stressed the importance of scrutinizing the bank’s loan book and cautioned that if the auditors are found to be complicit in concealing the true state of affairs, they will face legal repercussions and be reported to their regulatory bodies.
