Financial Expert and Banking consultant Mr. Prince Obiri Yeboah has said the decision by the Bank of Ghana to write-off GH¢4.33BN would go a long way to make all banks in the country more financially sound. Accordingly to him, such exercise normally re-establishes the banks strength to write off debts some individuals fail to pay after years of assessing loans facility.

Meanwhile, the Minority in Parliament has accused the management of the Bank of Ghana (BoG) of engaging in illegal activities by allegedly writing off approximately GH¢48 billion of government debt.

According to the caucus, these actions have resulted in the insolvency of the central bank. During the final debate on the State of the Nation Address (SONA) on Monday March 11, the Minority Leader, Dr. Cassiel Ato Forson, called for accountability from the Management of the Central Bank.

“The Bank of Ghana is now bankrupt and exists merely in name. In 2022, the Central Bank recorded a colossal loss of over GHS60.8 billion and a negative equity of over GHS55 billion. “The Governor of the Bank of Ghana and his two deputies illegally and excessively printed money to finance the government’s over-bloated expenditures. Mr. Speaker, the Governor of the Bank of Ghana and his two deputies, without recourse to Parliament, wrote off about GHS 48.4 billion of government debt.”

But Mr. Obiri Yeboah in an interview with Sompa News said the Bank of Ghana has been undertaking such exercise to once again clean their books, adding successive governments have been carrying out such programmes when the need be. He however insisted that the banks could still chase such individuals for the unpaid loans.

Sompaonline.com/Asante-Yeboah Benedict