Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has warned that the Bank of Ghana (BoG) could be operating on “borrowed time” if urgent steps are not taken to recapitalise the central bank.
His remarks follow the Bank’s reported GH¢15.6 billion loss in the previous financial year.
Speaking on Joy News’ The Pulse on Wednesday, May 13, he expressed concern over what he described as severe financial stress within the central bank, noting that its balance sheet shows signs of deep vulnerability with a negative capital position of about GH¢96 billion.
Mr Oppong Nkrumah said the Bank’s current negative net equity places it in a financially unstable position that requires immediate intervention to restore confidence and stability.
He warned that without a credible, transparent and time-bound recapitalisation plan, the institution could face further deterioration.
He also questioned the Bank’s reliance on extraordinary measures, including gold sales, which he suggested were being used to support its financial position.
According to him, recent improvements in the Bank’s reported position were driven by one-off transactions rather than sustained operational performance.
He added that, in previous years, the Bank did not depend on such measures to maintain its position, but recent figures suggest increasing reliance on them.
Mr Oppong Nkrumah further criticised what he described as inadequate parliamentary scrutiny of key financial interventions, including gold purchase and sale arrangements, which he said have contributed to the reported losses.
He maintained that the financial figures point to deeper structural challenges that require urgent and decisive action, adding that the central bank must be stabilised to safeguard economic confidence.
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