The Bank of Ghana’s reported loss in the Domestic Debt Exchange Programme (DDEP) has been questioned by the minority.
According to Isaac Adongo, a ranking member of parliament’s finance committee, the central bank can’t conduct monetary policy without creating money. After the 2023 mid-year budget was presented on July 31, an MP for the minority party declared the Bank of Ghana broke.
The Bank of Ghana has come under fire from Ghana’s minority caucus for reporting a drop in revenue as a result of the Domestic Debt Exchange Programme (DDEP). Many experts, including the minority of MPs, have expressed their shock at the discovery made in the central bank’s financial report for the year ending 2022.
After the finance minister delivered the mid-year budget review for 2023 to Parliament on July 31, 2023, Isaac Adongo, a ranking member of Parliament’s finance committee, stated the country was in crisis.
When comparing the midyear budget presentation with Adongo’s remarks on behalf of Parliament, it is clear that there is a significant difference. “All the monies in our banks that they forced them to save with the Bank of Ghana, which we call the Prudential Reserve, have gone to waste,” Adongo said.
According to him, the BoG owes the government GHC48 billion, but the BoG itself is in debt for GH22 billion, as shown by the midyear budget review.
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