Akufo-Addo govt will soon introduce BoG recapitalization levy – NDC alleges

The Minority Leader, Dr. Cassiel Ato Forson has alleged that the government will soon introduce a Bank of Ghana (BoG) recapitalization levy for Ghanaians to pay.

He contends that this will be a tax to recapitalize the central bank since it is on the verge of collapsing.

This follows the National Democratic Congress’ (NDC) call for the Governor of the Bank of Ghana, Dr Ernest Addison and his deputies to resign immediately for allegedly mismanaging the institution, resulting in the GH¢60 billion losses the Central Bank recorded in 2022.

Speaking to journalists on Tuesday, August 8, 2023, Dr Ato Forson described the mismanagement at the Bank of Ghana as unfortunate.

“The IMF has made offers to assist the Government to develop a plan for the recapitalization of the Central Bank. That is why paragraph 18 of Ghana’s Memorandum of Economic and Financial Policy (MEFP) sent to IMF stated this fact. Let me assure you that very soon, Ghanaians will be made to pay for Bank of Ghana recapitalization levy, a tax to recapitalize the Bank of Ghana, because the central bank has collapsed virtually,” the Minority Leader claimed.

He lashed out at the Governor of BoG for spending $250 million on building a new head office while the apex bank struggles to stay afloat.

“Perhaps the more troubling fact is that, having brought the Bank of Ghana to this terrible financial state, the Governor and his deputies have found it prudent and expedient to invest $250 million (GHC2.8 billion) on another Head Office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country”.