We’ll respond appropriately to Ayariga’s request on losses, new office building – BoG

The Bank of Ghana (BoG) has acknowledged receipt of the request by the Member of Parliament for Bawku Central, Mahama Ayariga, for full disclosure of the losses the bank incurred in its 2023 financial statement and the rising costs of its new head office at North Ridge.

BoG in a statement dated Thursday, June 6, 2024, indicated it is working to “respond appropriately shortly” to the MP’s request.

Ayariga in a statement on Monday, June 3, to the BoG, on the instructions of the Minority Leader, Dr. Cassiel Ato Forson, requested “reasons for the combined losses of approximately GH¢70 billion as stated in the BoG’s financial statements for 2022 and 2023. The status of the further expenses on the infamous head office building which costs keep escalating.”

He further asked for “Reasons for recording a policy rate of 30% in 2023 as this is the highest record of policy rate in the last 20 years. Detailed particulars on the costs of the new construction at the premises of the old BoG clinic. Reasons for the total currency issuance expense of GH688.87 million as stated in BoG’s financial statement and annual report for 2023.”

The BoG reported a loss of GH₵10.5 billion for the financial year ending in 2023. The primary reason for this loss was a significant increase in total interest expenses on open market operations by the Central Bank, which increased by GH₵6.7 billion during the review period.

In August of the previous year, the BoG also defended its new $250 million headquarters.

Samuel Okudzeto Ablakwa, the MP for North Tongu, had made public documents asserting that the original cost of the planned new head office for the Bank of Ghana was approximately US$82 million, contrary to the US$250 million currently being quoted by bank officials.