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Minority Leader Accuses BoG of Constructing New Residence for the Governor Amid Financial Losses

Minority Leader Dr. Ato Forson alleges that the Central Bank is constructing a multi-million residence for its Governor despite the Bank posting losses for two consecutive years

Minority Leader Cassiel Ato Forson has criticised the Bank of Ghana (BoG) for constructing a new official residence for the Governor on the site of the former Bank of Ghana Clinic in Ridge, Accra. Dr. Forson raised these concerns in a recent post on X (formerly known as Twitter), highlighting the timing of this project amidst the bank’s significant financial losses.

The Minority Leader pointed out that the BoG recorded a staggering loss of over 600,000% of its stated capital of GHS 10 million in 2022. This trend continued in 2023, with the bank incurring another significant loss equivalent to 150,000% of its stated capital.

Dr. Forson who is a former Deputy Minister of Finance, criticised the BoG for proceeding with costly construction projects despite its financial struggles.

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“Is this poor record of performance comparable to any central bank’s? Yet, apart from the ongoing construction of a new HQ costing about USD 250 million, the Bank of Ghana is also building a new multi-million dollar residence for the Governor where the Bank of Ghana Clinic used to be at Ridge in Accra,” Forson stated. He added that the clinic had been demolished to make way for the new Governor’s residence.

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Forson called for a thorough cleanup of the Central Bank to restore it to its former glory, emphasising the need for more prudent financial management and accountability.

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The post has sparked widespread debate among Ghanaians and financial experts, with many calling for increased transparency and scrutiny of the Bank of Ghana’s operations and expenditures.

Additional information available to The Accra Times suggest that two other projects may be ongoing to construct official residences for the first and second deputy Governors. However, sources indicate that these projects may not be directly funded by the Central Bank.

The Bank of Ghana has yet to respond to Forson’s allegations and the growing public concern regarding its financial management and capital projects.

Meanwhile, the Central Bank aims to return to profitability in the medium term following two consecutive years of substantial losses. In 2022, the BoG reported a significant loss of GH¢60.86 billion, followed by a GH¢10.50 billion loss in 2023, although the latter represents an improvement. In the 2023 annual report, Governor Dr. Ernest Addison stated that the bank would recapitalize and apply efficiency measures to halt the decline in performance.

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