A report by financial analyst Scott Bolshevik resurfacing online has disclosed unprecedented financial losses at the Bank of Ghana (BoG) under the leadership of Governor Ernest Addison.
This has a cumulative loss of GHC86.4 billion over the past six years, between 2018-2023.
The BoG, before 2018 consistently recorded profits from 2012 to 2017, began to experience sharp financial declines starting in 2018:
That is,
2012: GHC574 million profit
2013: GHC713 million profit
2014: GHC580 million profit
2015: GHC616 million profit
2016: GHC813 million profit
2017: GHC929 million profit
However, from 2018 onwards, the bank’s financial reports have been marked by devastating financial losses:
2018: GHC1.8 billion loss
2019: GHC3.1 billion loss
2020: GHC6.1 billion loss
2021: GHC4.6 billion loss
2022: GHC7.2 billion loss
2023: GHC60.8 billion loss
Critics are pointing to mismanagement and poor fiscal oversight as factors behind the staggering losses.
Meanwhile, the governor early this year presented plans and budgetary allocations for the construction of a new head office for the BoG Headquarters. While the opposition NDC MPs staged a demonstration to protest over the decision
Also, in response to the country’s growing debt, the government has implemented controversial measures, including the e-levy tax and a betting tax, though analysts have dismissed these efforts as insufficient to address the core issues driving the economic downturn.
On the other hand, Ghana has secured an agreement with the International Monetary Fund (IMF) for a second disbursement of $600 million, part of a $3 billion credit deal to help alleviate the financial strain. This is expected to bring the total disbursement to $1.2 billion, though concerns remain about the long-term economic recovery of the country amidst these ongoing losses.
