BoG does not report directly to Parliament – Kyei-Mensah-Bonsu to Minority

The Majority Leader in Parliament, Osei Kyei-Mensah-Bonsu has revealed that the Bank of Ghana (BoG) is not obligated to report directly to Parliament.

Earlier on, the Minority has called for the resignation of Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), urging him to step down over allegations of mismanagement over the affairs of the central bank.

This call comes on the back of a recent revelation by the central bank the report, revealing a substantial loss of GH¢60.8 billion (equivalent to approximately $6 billion) and an alarming negative equity surpassing GH¢55.1 billion. It is in this light that the NDC is demanding for the resignation of the Governor.

However, responding to the Minority’s demand that the Bank of Ghana be held accountable to Parliament regarding the recently declared 60 billion losses, Mr. Kyei-Mensah-Bonsu voiced his criticism, cautioning against the Minority’s tendency to escalate every issue into a political showdown.

“The Bank of Ghana Governor does not directly report to Parliament. 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,” Mr Kyei-Mensah-Bonsu said in a radio interview with Accra based Oman FM on Monday.

He said except for reporting on foreign exchange receipts, the Bank of Ghana is not legally required to submit daily activity reports to Parliament.

The BoG has consistently adhered to the provision of reporting foreign exchange receipts as mandated by law, he said.

Mr Kyei-Mensah-Bonsu who is the Member of Parliament for Suame in Kumasi and Minister of Parliamentary Affairs questioned the understanding of Dr. Ato Forson, a former Deputy Finance Minister, regarding the BoG’s reporting structure.

He indicated that the intricacies of the central bank’s operations should be well-known to someone who had served in a finance-related capacity asserting that issues of this nature should not be politicized.