The Public Accounts Hearing on the operations of the Bank of Ghana (BoG) revealed troubling signs. The inability of the Governor of the Bank to readily provide the necessary information and/or documentation on a supposed GHS3.8 billion loss made under the Gold for Reserves Programme in 2024, when asked by the Chair of the Public Accounts Committee, is mind-boggling.
The fact that such losses, if they really occurred, were not reported in the 2024 published financial statement of BoG, but the Governor went ahead to peddle such claims, is really bizarre.
BoG is supposed to have provided such data on the losses to the IMF under the ECF review as part of its data/information sharing, and why the IMF never highlighted this in all its review reports, except for the $214 million losses in 2025, clearly shows BoG has more questions than answers. Is it that there was misreporting to the IMF? Misreporting is a very serious issue under the IMF program.
I have always said that this BoG Governor is a partisan politician, not an independent Central Bank Governor.
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