Dr. Ekua Amoakoh has criticised the Bank of Ghana for a lack of transparency in its financial reporting, following its reported GHS 60.8 billion losses in 2022. Dr. Amoakoh, a spokesperson for Dr. Mahamudu Bawumia, questioned how the Bank of Ghana handled and presented its financial statements to the public.
Dr. Amoakoh specifically highlighted the brief removal of the Bank of Ghana's financial report from its website. She stated, "The mischief begun when the report was taking off their website at midnight." Dr. Amoakoh described the two-hour disappearance of the report as an act of "bad faith." She implied that the central bank was attempting to obscure information regarding its financial performance.
This criticism comes as Ghana battles significant economic challenges, including high inflation and pressure on public finances. The Bank of Ghana's reported losses, amounting to GHS 60.8 billion in 2022, represent a substantial figure for the national economy. These losses have raised concerns among economists and policymakers regarding the central bank's operational efficiency and its impact on the country's financial stability. The central bank's role in managing inflation and supporting the cedi through various interventions is crucial for Ghana's economic outlook.
Dr. Amoakoh also challenged explanations linking the Bank of Ghana's losses to efforts aimed at stabilising the economy. Government supporters have suggested the losses were a necessary cost for reducing inflation and managing gold-related operations. "They are telling us that the loss we are seeing is the cost of reducing inflation," she noted. Dr. Amoakoh contended that the losses appeared concurrently with changes to the central bank's gold purchasing programme. She suggested this timing indicated potential issues with policy decisions behind the programme.
The implications of such substantial losses for the Bank of Ghana are far-reaching. They could affect the central bank's ability to conduct future monetary policy effectively and maintain public confidence. Observers will closely monitor how the Bank of Ghana addresses these transparency concerns and its strategy for returning to profitability. The perceived lack of clear communication could further erode public trust in government institutions, especially as Ghana seeks to restore macroeconomic stability. Future financial reports and public statements from the Bank of Ghana will be scrutinised for clarity and completeness.
Furthermore, Dr. Amoakoh connected the Bank of Ghana's issues to broader unresolved national problems. She cited stalled infrastructure projects and delays in salary payments for some public sector workers. "Are you aware that the Agenda 111 which is 99 percent complete is not open," she asked, referring to the government’s hospital project. She also mentioned ongoing challenges in the cocoa sector and delayed salaries for nurses and teachers. This broader critique suggests a systemic issue of accountability and public information within the state apparatus.