Minority Leader, Dr. Cassiel Ato Forson, has urged President Akufo-Addo to deliver a national address outlining the government's strategies to revive the Bank of Ghana (BoG), which he characterized as facing an unprecedented collapse.

In a Facebook post, Forson emphasized the need for decisive actions to restore solvency to the central bank.

“Given the unprecedented collapse of our central bank, it is imperative for the President of Ghana to urgently address the nation. During this address, the President should outline the decisive actions that the government plans to implement in order to restore solvency to the Bank of Ghana,” Mr Forson said in a Facebook post on Monday.

Forson highlighted that when a regulated institution's financials or liquidity position is compromised, the BoG typically enforces directives, including withholding dividend payments even in profitable situations.

“Granting of new loans will be put on hold; Appointment of new directors will be restricted; Capital expenditure will be temporarily suspended and staff recruitment will be paused, and other similar measures will be taken,” he added.

Other measures, such as suspending new loans, restricting director appointments, pausing capital expenditure, and halting staff recruitment, are also implemented.

Additionally, Forson dismissed claims by Richard Ahiagbah, Director of Communications for the New Patriotic Party (NPP), that Forson was a member of the BoG Board during the initiation of processes for the bank's new head office construction.

Forson refuted these assertions in a press release, characterizing them as a "desperate attempt" by the NPP to defend their actions.

Forson clarified that during the Mahama/NDC administration, the Bank of Ghana never entered into a contract for the new head office's construction nor purchased land in Accra for the building.

He criticized the decision to construct the new head office given the bank's substantial loss and negative equity, deeming it a reckless and misguided priority.

Forson concluded by asserting that no attempt at equalization can absolve the current government and Governor Addison's management from the historical collapse and mismanagement of the Bank of Ghana.

He maintained that the countdown to the resignation of the Governor and his deputies is ongoing.

“For the record, I was not part of the processes for the construction of this new Head Office building, and the Bank of Ghana Board never began such processes for the construction of this new Head Office building at Ridge. We maintain that the decision by the current Bank of Ghana Management and Board to construct an ultra-modern Head Office building at a time when the Bank of Ghana has recorded a loss of GhS60.8 billion and a negative equity of GHS55.1 billion; at a time when the ordinary Ghanaian is struggling to make ends meet, is a reckless and misplaced priority.”

“No attempt at equalisation can redeem the historical collapse and mismanagement of the Bank of Ghana by this Akufo-Addo/Bawumia NPP government, alongside Governor Addison and his management. The countdown to the resignation of the Governor and his deputies is still on,” Dr. Forson added.