Home / News / BoG not mandated to report daily activities to Parliament – Kyei-Mensah-Bonsu

BoG not mandated to report daily activities to Parliament – Kyei-Mensah-Bonsu

The Majority Leader, Osei Kyei-Mensah-Bonsu, has strongly criticised the Minority Leader, Dr Cassiel Ato Forson, for calling for the resignation of the governor of the Bank of Ghana (BoG) and his deputies amidst allegations of financial mismanagement.

The Minority in Parliament is demanding the resignation of Dr Ernest Addison and his deputies, levelling grave allegations of gross financial mismanagement within the Bank of Ghana.

The Minority claim that Dr Addison must quit his post for supervising the GHC60 billion loss, the Central Bank recorded for the year-ending 2022.

The Minority among others also claim that the Bank of Ghana failed to report its activities to Parliament.

BoG in a statement attributed the losses to the government’s domestic debt restructuring activities and the depreciation of the cedi.

But in response to the Minority’s demand, the Suame MP, Osei Kyei-Mensah-Bonsu, challenged the validity of the allegations and the political undertones of the dispute. He argued that the issue should not be reduced to a mere partisan contest between the NPP and NDC, emphasizing the need for a balanced and informed discussion.

He added that the Bank of Ghana is not legally obligated to report its daily activities to Parliament, contrary to the claims made by Dr Ato Forson. He clarified that the law only requires the Bank to report foreign exchange receipts to Parliament, a mandate that the Bank has consistently fulfilled.

“We should not make everything about NPP and NDC. Ato Forson should have known better because he has held the position of deputy minister of finance before and knows the operations of the Bank of Ghana. So, if you politicize issues of the BoG, it is not good for the country,” Osei-Kyei-Mensah-Bonsu said.

He added that “there is no law that mandates the BoG to report its daily activities to Parliament. The law only mandates the BoG to report foreign exchange receipts to Parliament and the BoG has always complied with this provision. The BoG does not report directly to Parliament.

“The constitution says that if you pass any law that is inconsistent with the constitution, that law is null and void. It’s either the Minority are over exaggerating issues or have not had time to examine the facts of the matter,” he said.

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