These items dominated the business and finance sections of the news this week.
Dr. Ernest Addison, Governor of the Bank of Ghana, has been issued a 21-day ultimatum to quit by the Minority in Parliament.
They are demanding the resignation of the governor and his deputies.
Dr. Cassiel Ato Forson, Minority Leader, stated in a news conference on August 8, 2022 that the governor had been found guilty of many violations of the Bank of Ghana Act.
According to the audited financial statement for the 2022 fiscal year, the Bank of Ghana (BoG) lost GH60.8 billion. The BoG claims that the government’s debt restructuring operations are substantially to blame for this setback.
The Finance Minister confirmed the central bank’s statements during an appearance on GBC’s Talking Point programme.
A technical defeat, if you will. There are no unreimbursed donations, he clarified.
Within the context of Ghana’s democratic system, Finance Minister Ken Ofori-Atta has conceded that repeated calls for his resignation were justifiable.
He claims that the people of Ghana, as well as members of his own party (the New Patriotic Party), were justified in calling for his resignation due to the country’s dire economic situation in 2022.
Inflation in Ghana rose to 43.1% in July 2023 from 42.3% in June of that year.
That’s a 43% rise in the general price level of products and services.
It has been announced that the Bank of Ghana (BoG) is constructing a new headquarters in the Accra suburb of Ridge.
Earlier this week, the National Democratic Congress (NDC) and the Minority in Parliament held a news conference to make public the first allegations of the new structure.
According to a statement released by the Social Security and National Insurance Trust (SSNIT), the improved terms of the government’s Domestic Debt Exchange Programme (DDEP) are welcome news.
SSNIT Director-General Dr. John Ofori Tenkorang has stated that the Trust, along with pension funds, will take part in the government’s alternative Domestic Debt Exchange Programme.
However, he stressed that the change will not impact the company’s ability to pay pensions to retirees.
