An economist at the University of Ghana, Dr Adu Sarkodie, has come forward to support the Bank of Ghana's management in the face of the GHC60.81 billion loss incurred by the apex bank during the 2022 fiscal year.

In an interview on the Citi Breakfast Show, Dr Sarkodie emphasised that during the period under scrutiny, the Bank fulfilled its constitutional mandate effectively and should not be criticized harshly.

“The central bank is mandated to regulate the financial sector and influence GDP and employment, and they have done well on that level but the losses they made came from the fiscal side and were not the same as in the process of undertaking their core mandate and I don’t think we should entirely blame the BoG for undertaking their mandate.”

Dr. Sarkodie also expressed concern over the independence of the Bank of Ghana which he said can also be blamed for the lax provisions by management which made it possible for the government to borrow beyond 5 percent of its revenue in the year preceding 2022.

“Let’s take a look at the 5 percent financing balancing…their [BoG] independence is not there and that is something that will be worrying to any governor of the Bank of Ghana.”

“Part of the blame should be placed on foreign investors in selling government bonds and also independence of the Bank is key because it is baffling how the Bank suspended the 5 percent finance balancing that allowed the government to over-borrow,” Dr. Sarkodie added.