Member of Parliament (MP) representing North Tongu, Samuel Okudzeto Ablakwa, has strongly criticized the Bank of Ghana (BoG) for allegedly allocating over GH¢711 million in 2022 for various projects, including the remodeling of regional offices, the construction of a guest house, and a new head office.

He raised concerns about these expenditures, particularly in the midst of an ongoing economic crisis in the country.

Ablakwa took to Facebook on Tuesday, September 19, 2023, to express his dismay, pointing out that the BoG had initially attempted to conceal these financial transactions.

However, the alleged expenditures were brought to light by independent auditors from the auditing firm Deloitte. Ablakwa questioned the need for such secrecy if the central bank believed its actions were above board.

“Thanks to independent auditors at Deloitte, we now know from page 86 of the Bank of Ghana’s 2022 Annual Report and Financial Statements that the Bank of Ghana made a staggering GH¢711.21 million expenditure commitment in its crisis year of 2022 on reckless projects such as its scandalous new head office, remodelling of regional offices and construction of a guest house in Tamale.

“What is equally disgraceful and condemnable was BoG’s attempt to conceal these risky humongous transactions by its disingenuous refusal to disclose them in its original financial statement presented to auditors. Regrettably, the auditors had to make their own discovery.

“If the Bank of Ghana had nothing to hide and was really proud of its sleazy new headquarters project and all the other dubious constructions, why did they deploy such elaborate opaque concealment schemes just to avoid accountability?” he quizzed.

The MP disclosed a fictitious document purporting to be from Deloitte that claimed the BoG failed to disclose GH711.21 million in capital expenditure commitments in its financial statement as of December 31, 2022.

According to the paper, the biggest expenditure projects included remodeling a few regional branches of the central bank, building a new headquarters for the Bank of Ghana, and building a guest house in Tamale.

View the MP’s tweet plus the document below: