Minority Leader, Dr Ato Forson, has noted that the Central Bank is currently not operating as mandated per the Bank of Ghana Act, 2002 (Act 612).

One of the functions of the Central Bank is to institute measures that are likely to have a favourable effect on the balance of payments, the state of public finances, and the general development of the national economy, and according to the Minority, this has been compromised.

According to the Minority Leader, the alleged inefficiency of the Bank of Ghana lies on the shoulders of the BoG Governor, Dr Ernest Addison.

"In its present form, the Bank of Ghana exists merely in name under the leadership of Governor Addison and his deputies;we are talking about a central bank which has been so mismanaged that it has recorded an unprecedented loss," Dr Ato Forson said.

Highlighting issues of mismanagement, the Minority Leader noted that in 2022, the Bank of Ghana recorded a colossal loss of overGHS60.8 billion and negative equity of over GHS55.1 billion.

In defence, the Central Bank has noted that it is not a profit-making establishment while stressing that it had to step in to prevent the destruction of the economy.

"The Bank of Ghana, as we all know, is not a typical profit-making institution, and the extent of its capitalization doesn't necessarily determine its policy solvency—meaning its ability to deliver on its mandate of price stability, and in addition, promote financial stability," a statement from the institution read.

This response has been shot down by the Minority Leader, who questioned whether the Central Bank is a loss-making establishment.

"As if that mismanagement was not bad enough, its officials have the sheer audacity and temerity to look Ghanaians in the face and tell us that the Bank was not set up to make profit. If I may ask, ladies and gentlemen, was the Bank of Ghana set up to make losses?" he asked.

The Minority Leader is firm in his assertion that the Bank of Ghana is in major financial distress and bankrupt, which requires urgent attention.