The Minority in Parliament has issued a directive to Dr. Ernest Addison, the Governor of the Bank of Ghana, demanding the reinstatement of over GH¢32 billion cedis in government debt that was previously written off under the DDEP.
The directive comes amid revelations that the Bank of Ghana incurred losses exceeding GH¢60 billion in 2022.
Isaac Adongo, the minority spokesperson on Finance, addressed the media, asserting that the decision to write off the debt without obtaining parliamentary approval violates the provisions of the Public Financial Management Act, rendering it null and void. Adongo's strong stance raises questions about the accountability and transparency surrounding the handling of government finances.
Adding to the controversy, the Bolgatanga Central MP raised a crucial point by querying the auditors at Deloitte Ghana, who were responsible for scrutinizing the Central Bank's operations. The MP questioned how Deloitte's audit failed to flag the apparent illegality in their report, thereby raising concerns about the effectiveness of the auditing process itself.
“…go and read section 53 of Public Financial Management Act and it is very clear. It says you cannot write off an asset of the state on the books of any government or public entity without a resolution of parliament if not everything will write it off and the public funds will disappear.
“You see bank of Ghana is not somebodies insurance company, it is not the same as other financial institutions you can bull doze your way and write off, these are public funds. They must come to parliament by a resolution of a simple majority. I want to ask Deloitte and Touche the auditors of Bank of Ghana whether they saw any resolution from the parliament of Ghana? he said during an engagement the media.
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Isaac Adongo, the minority spokesperson on Finance