Professional Web Design

Bank of Ghana spent US$2million on gold watches

August 9, 2023

The National Democratic Congress () has raised concerns over alleged extravagant spending and financial mismanagement by the (BoG), citing revelations from the recently released BoG Annual Report and Financial Statement. The party has issued a 21-day ultimatum to the governor of the Bank of Ghana, demanding accountability and threatening further action if their demands are not met.

Dr. Cassiel , Minority Leader and Member of for the Ajumako Enyan Esiam Constituency, revealed that the BoG spent more than US$2 million on the purchase of two gold watches. This disclosure comes as part of the party's broader allegations of mismanagement of funds under the leadership of BoG Governor .

During a press conference held at the NDC headquarters in on August 8, 2023, Dr. Ato Forson accused Governor Addison of supervising reckless over-lending to the government, resulting in a significant write-off of GH¢ 48.4 billion (approximately half of Ghana's government indebtedness to the Central Bank) without parliamentary approval. Such actions were deemed illegal and criminal by the NDC.

Highlighting several financial irregularities, Dr. Ato Forson criticized the expenditure on administrative costs, including motor vehicle maintenance and running, which saw a 114% increase in 2022 compared to the previous year. Similarly, foreign and domestic travels incurred a staggering GHC 97.4 million, signifying a 246% increase from the previous year. Additionally, the report revealed increased spending on Director's remuneration, banking supervision expenses, computer expenses, and communication expenses.

The party emphasized its concern over the alleged financial mismanagement and called for the resignation of Governor Addison and his deputies within 21 days. The NDC declared its intent to take popular action, including occupying the Central Bank, to demand accountability and transparency in the management of the country's finances.

In light of these allegations and the party's demands, Dr. Ato Forson stated, “There has to be an end to impunity and it is NOW!” The NDC's ultimatum calls for immediate action and accountability from the Bank of Ghana's leadership.

Latest from Business