Experts on Monday, 4 May, engaged in a robust discussion on Joy FM’s Super Morning Show over recent audit findings highlighting losses recorded by the Bank of Ghana.
The debate centred on the implications of the losses and the central bank’s policy interventions in recent years.
Chief Executive of Dalex Finance, Joe Jackson, defended the reported losses, offering a broader perspective on the Bank’s interventions within the economy.
READ ALSO: BoG losses justified for stabilising economy — Joe Jackson
However, the Member of Parliament for Ofoase-Ayirebi and former Minister of Information, Kojo Oppong Nkrumah, took a contrasting view. He criticised the financial position of the central bank, arguing that it has effectively failed in parts of its mandate and requires urgent recapitalisation.
He further questioned the Bank’s policy approach of injecting liquidity into the economy to bring inflation down from over 20 per cent to below 5 per cent, describing it as a short-term measure that does not address underlying structural challenges.
READ ALSO: Oppong Nkrumah urges urgent BoG recapitalisation, warns against political interference
The Member of Parliament for Sagnarigu, Atta Issah, defended the Bank of Ghana, insisting that its actions were consistent with standard central banking practices globally and that nothing improper had been done.
Professor Godwin Bokpin of the University of Ghana also contributed to the discussion, warning that the ultimate cost of today’s policy decisions would eventually be borne by taxpayers.
He further criticised both the New Patriotic Party (NPP) and the National Democratic Congress (NDC), accusing them of benefiting politically from the central bank’s balance sheet adjustments instead of pursuing more sustainable economic management strategies.
Watch the full interview below;
