Ghanaians deserve at least two-thirds refund – Franklin Cudjoe on BoG’s losses

Founding President of IMANI-Africa Franklin Cudjoe says the Governor of the Bank of Ghana and his two deputies should not only be asked to resign but also forced to refund part of the monies lost as a result of mismanagement. He believes this will be a good precedent for future officials of the Central Bank.

On Tuesday, August 8, Minority Leader Dr Cassiel Ato Baah Forson, who is a former Deputy Finance Minister, gave the Governor, Dr Ernest Yedu Addison, and the two Deputy Governors – Maxwell Opoku-Afari and Elsie Addo Awadzi – a 21-day ultimatum to resign.

He said failure to resign within the period will see members of the Minority Caucus marching to the head office of the Central Bank each day, dubbed Occupy Bank of Ghana, to demand his resignation. Speaking on 3FM‘s Hot Edition on Tuesday, Mr Cudjoe additionally called for refunds from the complicit officials.

“We can meet them halfway,” he suggested, indicating that they cannot be asked to just leave office when such a “a lot of money” has been lost. He said at least the officials should be made to reimburse two-thirds of the GH¢60.8 billion lost last year as captured in the 2022 Annual Report and Financial Statement of the Bank of Ghana.

“We should just go beyond these constitutional dress rehearsals, asking for information,” he indicated, stressing that GH¢60.8 billion is too huge to be made to go down the drains. He noted how hell would have broken loose were such infractions recorded under John Dramani Mahama.

“Admittedly, it has become political now. If it had come under a John Mahama administration, hell would have broken loose.” Also on the programme was the Dean of the Business School of the University of Cape Coast (UCC), Professor John Gatsi. He backed the calls for sanctions but deferred to Parliament to initiate this.

“Even though there is no clear punishment prescribed in the Bank of Ghana Act, when it is discussed in Parliament, then Parliament will now [come out with the right sanctions].” For him, it is wrong on the part of the government to write off the debt of the Central Bank as that should have been at the instance of Parliament.

By: Emmanuel Kwame Amoh