The Akufo-Addo/Bawumia administration has received criticism for how it has handled the Ghanaian economy from a former deputy minister of communications.
According to Felix Kwakye Ofosu, the Ghanaian people have been the victims of economic crimes committed by the present government.
On Monday, August 7, Mr. Kwakye Ofosu claimed that the Bank of Ghana’s ongoing financing to the government, which is hobbling its operations, is the most recent of these crimes.
He claims that if this criminality is not stopped, it would have disastrous effects on the economy of the nation.
“Akufo-Addo and Bawumia have committed economic atrocities, the latest being forcing the Bank of Ghana to lend tens of billions of Ghana cedis to government against the law, and leading to the former’s insolvency.”
The Akufo-Addo administration was therefore referred to as “the worst government ever” by him.
The Bank of Ghana reported a loss of $60.8 billion in its 2022 annual report and financial statements.
The Central Bank suffered a record loss in 2022 following a profit of 1.2 billion in 2021.
The loss is ascribed in the Annual Report and Financial Statements to an impairment of some assets as well as a reduction in the Group’s net worth position as a result of the Domestic Debt Exchange Programme (DDEP).
Once more, its total liabilities and affiliates were 54.52 billion more than its entire assets.
The Central Bank reported a surplus of 5.72 billion yen in 2021.
The contentious Domestic Debt Exchange Programme (DDEP), however, is what the central bank has pointed the finger at for the loss.
The Central Bank said that its own negligence was not to blame for the losses.