Kofi Bentil, Senior Vice President of Imani Ghana, criticized Vice-President Dr Mahamudu Bawumia for praising the Bank of Ghana (BoG) during the country’s economic crisis.
Bentil described Bawumia’s praise as “despicable” during an interview on Newsfile.
The BoG recorded a loss of ¢60.8 billion in 2022, following a profit of ¢1.2 billion in 2021. This loss was attributed to a decline in the Group’s net worth position due to the impact of the Domestic Debt Exchange Programme (DDEP) and the impairment of some assets. The Central Bank’s total liabilities and subsidiaries exceeded its assets by ¢54.52 billion as per the Annual Report and Financial Statements.
In his address to the nation, Dr Bawumia urged Ghanaians to salute and give recognition to the central bank, stating that it has come under unfair criticism for taking necessary measures to help pull the economy back from the brink of collapse. He also mentioned that the Bank of Ghana has provided zero financing to the government in five out of the last seven years, emphasizing the temporary nature of the financing provided in 2020 and 2022 due to domestic and global crises.
Disagreeing with Dr Bawumia, Kofi Bentil stated that the BoG was not acting in the interest of the state and criticized the Vice President for his praise. He added that the Bank of Ghana had not shown themselves to be responsible in a crisis.
This critique of the Bank of Ghana’s handling of the economic crisis is vital for Ghanaians to consider as they look towards the upcoming elections. The BoG’s role in the economy and its effectiveness in managing crises will be a crucial factor in shaping the country’s future.
