10th August 2023 11:08:40 AM
3 mins readDeputy Director of Communications for the New Patriotic Party (NPP), Jennifer Queen, has advised the Communications Director for the National Democratic Congress (NDC), Sammy Gyamfi, to file a class action lawsuit against the Bank of Ghana over the loss of GH¢60.8 billion.The Annual Report and Financial Statement of the Bank of Ghana reveals that the institution incurred a loss of GH¢60.
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8 billion from its audited financial statement for the 2022 fiscal year. This loss, according to the Bank of Ghana, is largely due to the government’s debt restructuring activities.In response, Sammy Gyamfi noted that such a colossal loss can be attributed to the Central Bank’s Directors’ “criminality and recklessness.
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”<img alt="NDC National Communications Officer, Sammy Gyamfi" class="wp-image-486254" style="width:769px;height:431px" width="769" height="431"/>NDC National Communications Officer, Sammy GyamfiSpeaking in an interview with Citi FM on Tuesday, August 8, he said the NDC will build forces together to bring sufficient pressure on “these wreckers.
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”“And we will be occupying the BoG together with the media to bring to bear sufficient pressure on these wreckers. Until they resign, they will have no peace of mind,” he added.Taking an opposing stance, Jennifer Queen noted that such a radical approach is not the way to go and urged for a diplomatic measure.
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In an interview on Okay FM’s Ade Kyea Bia on August 9, 2023, she said: “ if Sammy Gyamfi feels like things are not going on well and he doesn’t understand, he is a lawyer who practices democracy so there is nothing that stops him from taking the issue to court and sue the Bank of Ghana."“Ignore this funny NDC Propaganda about the collapse of the Bank of Ghana (BoG).
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BoG is Solid!”“The NDC is funny! It’s not true that a recapitalization levy is to be introduced for BoG, the Central Bank hasn’t collapsed.”“The main source of income to the Bank is from government transactions i.e. fees on all government transfers, the bank’s investments in marketable instruments and also earnings from non-marketable holdings of the Bank.
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”“Given that government transactions have gone down, naturally, the income of the bank will go down. Also, because of the debt restructuring, earnings on their holdings on markable and non-marketable bonds will go down,” he posited. He added that “Beyond this, the Bank is solid and is capable of performing its core function.
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Article 183 clause 2 (c) of the 1992 constitution enjoins the Bank of Ghana to promote and encourage economic development in the country, hence there is nothing untoward in the actions of the Central Bank to support the state in its economic recovery efforts.”Meanwhile, Sammy Gyamfi, has accused the Bank of Ghana of printing an amount of GHC80 billion for the government of Ghana.
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In an interview on Onua TV, he noted that despite the "unlawful" funding to the government, there is currently nothing to show."More than 50 percent of the total revenue. They are living like there is no law. The impunity.
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After supplying the government over GHS80 billion, let's ask ourselves what government used the money for," he said,He noted that the amount of money printed by the Central Bank for the Akufo-Addo-led government comes nowhere close to the loans that were taken by the erstwhile Mahama government."He (John Mahama) borrowed GHS54 billion. This does not even include the accumulated debt of this government," he
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added.
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