Tag: loss
-
GH¢60.8bn loss won’t impact our operations – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
-
IMF justifies BoG’s GHS 60billion DDEP-induced loss
The International Monetary Fund (IMF) has backed the Bank of Ghana’s GHS 60 billion loss incurred in 2022. The Fund says the impairment which was brought on by the government’s Domestic Debt Exchange (DDE) was necessary to “restore macroeconomic stability and public sustainability.” The Bank of Ghana incurred the loss largely as a result of…
-
We acted as loss absorber; don’t point to insolvency or bankruptcy – BoG insists
The Bank of Ghana has assured that it is committed to the highest standards of prudent management, governance, and transparent accounting and auditing methods. It stated that because it is a non-commercial bank, its financial results have no impact on its operations. This comes on the back of calls for the resignation of the Governors…
-
BoG answers questions arising from GHS 60 billion loss
The Bank of Ghana (BoG) has provided answers to the GHS 60 billion loss it posted at the end of the 2022 financial period. This significant loss, was largely caused by the Domestic Debt Exchange Programme (DDEP). The huge impairment is also attributed to a 50% haircut on non-marketable holdings of Government of Ghana securities,…