Majority Caucus Defends BoG Over GH¢15.6 Billion Operating Cost

The Majority Caucus in Parliament has defended the Bank of Ghana over its reported GH¢15.6 billion operating cost for 2025, insisting that the expenditure does not affect the central bank’s core mandate of regulating Ghana’s economy.

Addressing a press conference in Accra on Thursday, the Member of Parliament for Sagnarigu, Issah Atta, stated that the authority of the central bank is grounded in law and not determined by the strength of its balance sheet.

According to him, central banks across the world have recorded losses while still maintaining effective control over inflation and economic stability.

He cited the European Central Bank, which reported losses in 2023 and 2024, as well as the Federal Reserve System in the United States, which has faced continuous income shortfalls since September 2022.

The MP also referenced the Czech National Bank, noting that it operated with negative equity for 17 consecutive years while remaining one of Europe’s most credible financial institutions.

“Bringing inflation down costs the Central Bank money. It is the same situation everywhere; Ghana is not an outlier,” he stated. Despite the high operating cost, the Majority Caucus said the Bank of Ghana has shown strong financial resilience and improved policy performance.

According to the caucus, the bank’s policy position improved significantly from about GH¢700 million to GH¢5.5 billion, demonstrating its ability to generate enough income to support macroeconomic stability.

The funds, they explained, have been used to anchor inflation, stabilise the Ghana Cedi, and restore policy solvency.

The Majority further disclosed that the 2025 financial statements of the Bank of Ghana were prepared in line with International Financial Reporting Standards (IFRS) and independently audited.

The statements are expected to be presented to Parliament when the House resumes sitting.

CUE IN: Hon. Issah Atta Audio 1:45

Meanwhile, Hon. Issah Atta stated that the financial results released reflect the work required to restore the country’s economic stability. According to him, the necessary measures have been implemented, resulting in lower inflation, a stronger cedi, declining lending rates, reduced public debt, and economic growth.

He added that confidence has returned to the economy and the institutions responsible for maintaining stability remain sound and fully capable of carrying out their mandate.

CUE IN: Hon. Issah Atta Audio 0:35

Comments

DCE Distributes Farming Tools to Boost Agriculture in Twifo Atti Morkwa

DCE Distributes Farming Tools to Boost Agriculture in Twifo Atti Morkwa The District Chief Executive (DCE) and Member of Parliament of Twifo Atti Morkwa, on behalf of His Excellency John Dramani Mahama, distributed farming tools, including boats and fertilizers, to local farmers. This initiative aims to enhance agricultural productivity and improve the livelihoods of farmers in the district. The DCE's efforts demonstrate the government's commitment to supporting the agricultural sector and promoting economic growth in the region. He further added at the items giving to the farmers will be monitored by the agriculture director to make sure they are using it. Anyone who will cought by selling his or her tools will be handed over to the police custody Farmers expressed gratitude to the President and the DCE for the timely intervention, which they believe will significantly impact their farming activities. This initiative is a testament to the government's efforts to promo...

Don't Wait for National Sanitation Day to Clean Your Compound" - DCE Urges Assembly Members

*"Don't Wait for National Sanitation Day to Clean Your Compound" - DCE Urges Assembly Members* Today marks National Sanitation Day across Ghana, an initiative by President John Dramani Mahama. The Twifu Atti-Morkwa District Assembly, led by Hon. Isaac Kofi Yawson, organized a clean-up exercise at Twifu Mampong, the center of Mampong Area Council. Chiefs, pastors, opinion leaders, and officials from the Assembly participated in the event. During the exercise, residents of Twifu Mampong came out in large numbers to clear principal streets and gutters. Hon. Yawson expressed gratitude to participants for their overwhelming support and acknowledged the importance of putting aside political differences to focus on development. The DCE urged assembly members not to wait for National Sanitation Day to clean their compounds, emphasizing that cleanliness should be a daily routine to combat malaria and other diseases. "Clean-up exercises must be our daily routine, which can h...

ECOLINKS Supports Twifu Atti-Morkwa District with 1000 Coalpots*

*ECOLINKS Supports Twifu Atti-Morkwa District with 1000 Coalpots* The District Chief Executive for Twifu Atti-Morkwa District, Hon. Isaac K. Yawson, has revealed that the foreign-based Non-Governmental Organization, ECOLINKS, has donated 1000 gyapa coalpots to residents of five communities in the district. The communities benefiting from the initiative are Akweikrom, Akloman, Akutuase, Asamoakrom/Ongwaso, and Bimpongegya, with each community receiving 200 coalpots. According to Hon. Yawson, the primary objective of this program is to help mitigate climate change in the district, region, and country as a whole. He attributed the adverse effects of climate change to human activities such as cutting down trees for firewood. Hon. Yawson expressed gratitude to ECOLINKS for their continued support, noting that this is not the first time the organization has made such a donation to the district. He credited his lobbying efforts for the successful acquisition of the coalpots. The Assembl...

AKORA RADIO

Search This Blog