The Ranking Member of Parliament\u2019s Economy and Development Committee, Kojo Oppong Nkrumah, has warned that Ghana\u2019s financial stability could be at risk if urgent steps are not taken to address challenges facing the Bank of Ghana.<\/p>\n
Speaking on Asempa FM\u2019s Ekosii Sen show, Mr Oppong Nkrumah called for an end to political debates over the central bank\u2019s finances and urged stakeholders to focus on solutions.<\/p>\n
\u201cWe are only living on borrowed time. We should stop the politics. We have to acknowledge that there is a problem and fix it once and for all,\u201d he stated.<\/p>\n
The lawmaker reiterated his claims that the central bank is facing serious financial difficulties, alleging that it has become \u201cpolicy insolvent\u201d and had to rely on proceeds from gold sales to stabilise its position.<\/p>\n
He further disputed claims by the National Democratic Congress that the Bank\u2019s losses stand at GH\u20b515 billion, insisting that a closer reading of the audited accounts indicates total losses of about GH\u20b534.9 billion.<\/p>\n
According to him, the figure includes both core operational losses and additional losses captured under other comprehensive income.<\/p>\n
Mr Oppong Nkrumah accused the government of downplaying the severity of the situation, describing the lower figure being circulated as misleading.<\/p>\n
He stressed the need for transparency and decisive action to restore confidence in the central bank, warning that failure to act could worsen the situation.<\/p>\n
\u201cThe narrative from the NDC is that there has been a loss of 15 billion Ghana cedis, but they claim there are some benefits to show for it. This is the propaganda they want to spread. If you look closely at the accounts, the actual loss amounts to at least 35 billion Ghana cedis.”<\/p>\n
“The core loss is 15.6 billion Ghana cedis. In comparison, the hidden comprehensive income shows an additional loss of 19.8 billion Ghana cedis for the group, and 19.32 billion Ghana cedis for the bank alone. Therefore, to determine the true loss for the central bank, you need to add 15.6 billion cedis and 19.3 billion cedis, which totals 34.9 billion cedis,\u201d he stated.<\/p>\n
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n","protected":false},"excerpt":{"rendered":"The Ranking Member of Parliament\u2019s Economy and Development Committee, Kojo Oppong Nkrumah, has warned that Ghana\u2019s financial stability…\n","protected":false},"author":2,"featured_media":412513,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-412512","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/412512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=412512"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/412512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/412513"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=412512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=412512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=412512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}