Dr. Ernest Addison, Governor of the Bank of Ghana, has come under fire from Isaac Adongo, the Deputy Ranking Member on the Finance Committee of Parliament, over the delay in submitting the central bank’s financial accounts.
Adongo asserts that the Bank of Ghana must submit its financial accounts by the 15th day of each month and publicise its assets and liabilities in accordance with the law.
He makes note of the Bank of Ghana’s noncompliance with this obligation.
In a statement to the media, the MP for Bolgatanga Central stated that he intended to take action to call Dr. Ernest Addison for what he believed to be economic mismanagement.
Adongo expressed worry with the Bank of Ghana’s disregard for its own Act, highlighting the fact that such behaviours by the Governor pose troubling questions.
Today our nation is seeing a really terrible trend. We are all aware of the disaster that our country’s economy is in, and Dr. Addison of the Bank of Ghana is somewhat to blame for this problem due to his poor management of the institution. The BoG is currently acting swiftly to cancel the licences of financial institutions that are not abiding by the BoG Act, under the direction of Dr. Addsion. The BoG itself, however, is not abiding by the Act that it passed.
Furthermore, the BoG printed a lot of money and directed it towards government expenditure the year before and the year before that, which sets out huge warning lights for our country. leading to an unprecedented depreciation of the cedi, very high inflation and interest rates.
“We have been awaiting the publication and gazetting of the BoG’s own financial statements, which were mandated by law to take place by the end of the specified year. All banks have already submitted their yearly returns in conformity with the legislation to the Bank of Ghana at this time in the year.
“Those files contain what we refer to as long-form reports, which are extremely thorough audited reports of the banks. dissecting each and every line item on the bank balance statements. The Bank of Ghana is unable to operate in accordance with its own laws in the same manner as other banks.
He promised to make sure the BoG Governor is held accountable for his actions.
“And they are required to file at the end of the month. The Bank of Ghana has been in flagrant breach of these rules for about six months. Dr. Addison has to be warned that he should keep in mind that he has taken people to court for breaking the BoG Act. He should be aware that he will be held to the same standard of responsibility, Adongo said.