Samuel Bryan Buabeng has publicly called out the Bank of Ghana for a lack of transparency. He demands explanations about alleged debt write-offs totalling GHS1.39 billion.
Mr. Buabeng stated he requested this information through the Right to Information process. However, he could not obtain the details he sought from the central bank.
This issue highlights ongoing concerns about financial oversight within Ghana's public institutions. The Bank of Ghana has faced scrutiny recently for significant losses and its exposure to government debt, which impacts the nation's fiscal stability. Broader discussions about the central bank's independence and its role in managing public funds remain prominent in economic discourse.
According to Mr. Buabeng, the Bank of Ghana initially refused his request because he did not provide a national ID card. He disputed this requirement but later submitted the identification document due to the public importance of the information. He expressed deep dissatisfaction with the Bank's subsequent decision to label the requested information as “exempt.” Mr. Buabeng argues this position clashes with standards of public accountability. He also referenced the central bank’s own rules, which require the public naming of “wilful defaulters.” He stressed that the same commitment to transparency should apply to large debt write-offs.
The central bank's reluctance to disclose this information could fuel public skepticism about financial governance. Observers will closely watch for any further statements or actions from the Bank of Ghana regarding these allegations. This situation could also prompt more calls for stronger Right to Information enforcement across all state institutions.
Recent reports have pointed to the Bank of Ghana experiencing substantial financial strains. For instance, the central bank admitted a GHS34.9 billion comprehensive loss after an exposé by the Minority caucus. High interest rates and currency depreciation have contributed to these financial challenges. The Bank of Ghana's efforts to stabilise the economy have come at a significant cost to its balance sheet. This makes transparency about any large financial decisions, like debt write-offs, even more critical.
Mr. Buabeng affirmed that his push for transparency serves public accountability and holds no political agenda. He voiced concerns about what he described as opaque management practices at the central bank. He remains determined to secure the disclosure of this information. This continued pressure aims to ensure greater openness in how public financial institutions operate.