Ato Forson to address NDC’s Moment of Truth series on 2022 BoG’s annual report

Today, Tuesday, August 8, the National Democratic Congress (NDC) will host a news conference to discuss the 2022 Annual Report and Financial Statements of the Bank of Ghana (BoG).

Dr. Cassiel Ato Forson, the minority leader and MP for Ajumako Anyan-Essiam, will speak at the news conference.

It is referred the as the “Moment of Truth series” and will start at 2:00 pm at the NDC’s Accra headquarters.

The government’s Domestic Exchange Programme (DDEP), which resulted in a 50% haircut on BoG’s non-marketable assets of government of Ghana products such long-term equities, a COVID-19 Bond, and overdraft, caused the company to lose GH55.12 billion in 2022.

Other claims of the Central Bank (holdings of marketable securities) were exchanged under the DDEP on conditions that were comparable to those of other financial institutions, resulting in an impairment of GH48.40 billion in 2022.

Additionally, due to exchange rate depreciation, the Bank had revaluation losses on its international assets and liabilities, resulting in a total loss of GH55.12 billion in equity in 2022.

The NDC has asserted that the central bank’s 2022 Annual Reports and Financial Statements include further devastating findings that demand public attention.