Isaac Adongo Raises Alarming Concerns Over Bank of Ghana’s Non-compliance with Financial Reporting Regulations

The Deputy Ranking Member on the Finance Committee of Parliament, Isaac Adongo, has strongly criticized the Governor of the Bank of Ghana, Dr. Ernest Addison, for the delay in filing the financial statements of the central bank.

According to Adongo, the law mandates the Bank of Ghana to publish its assets and liabilities every 15 days and submit the financial statements by the end of each month.

He points out that the Bank of Ghana has failed to comply with this requirement.

During a media address, the Bolgatanga Central MP expressed his intention to take steps to summon Dr. Ernest Addison for his perceived mismanagement of the economy.

Adongo raised concerns about the Bank of Ghana’s failure to adhere to its own Act, emphasizing that such actions by the Governor raise alarming red flags.

“There’s a very sad development in our country today. We are all aware that our economy is in a mess, and part of the reason we are in this mess is that Dr. Addison of the Bank of Ghana has mismanaged the Bank of Ghana. As we speak today, the BoG under the leadership of Dr. Addsion is always quick to revoke the licences of financial institutions that are not complying with the BoG Act. But the BoG itself is not complying with its own Act.

“And it raises serious red flags for our country, the BoG printed and pumped a lot of money to fund the government activities last year and the year before. Leading to very high levels of inflation, interest rates and an unprecedented depreciation of the cedi.

“We have been waiting for the gazetting and publication of the BoG’s own financial statements, which, by law, should have been published by the end of April of the year. We are now half a year through the year, and all the banks have complied with the filing of their returns to the Bank of Ghana.

“Those reports include what we call long-form reports, which are very detailed audited reports of the banks. Breaking down every single item of the balance sheets of the banks. The Bank of Ghana is not able to comply with its own law to do the very things the other banks are doing”.

He said they will ensure that the Governor of BoG accounts for his deeds.

“And at the end of the month, they are supposed to file. It’s been almost six months now, and the Bank of Ghana is in clear violation of these provisions. I want to serve a warning to Dr. Addison that he should remember that he had dragged people to court over violations of the BoG Act. He should know that the same level of accountability will be served him,” Adongo cautioned.