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Bank of Ghana in financial stress – Former Deputy Governor

Dr. Johnson Asiama has made a startling revelation about the financial standing of the Central Bank of Ghana.

The former second Deputy Governor of the Bank of Ghana, made this disclosure on Starr FM on Tuesday while reacting to government’s claim that the regulator borrowed the Ghana Interbank, Payment and Settlement System (GHiPSS) $4 million to roll out the mobile money interoperability platform.

He disclosed that the coffers of the Central Bank is nearly-empty and in a poor financial state warranting an immediate intervention from government in the area of finances.

He indicated that the Bank is not in a position to raise more than that amount since its finances are in a dire situation.

“GHIPSS is saying the Bank of Ghana lent them that money…4 million dollars, I can understand. However, if it amounts significantly above that, Bank of Ghana cannot [support] because I know their resources.

“The Bank of Ghana is actually in dire financial need, if there is anything that the Central Bank needs today, it is for government to refinance the Central Bank because their reserves are dwindling…that is what they need from government today,” Dr. Asiama who exited the Central Bank last December said.

Dr. Asiama alleged that the interoperability platform arrangement was not awarded to GHIPSS because the company had been running at a loss since it was founded.

“They were always involved and you could talk to their management. We involved them deeply. GHIPSS did not have the financial muscle to execute the project…I had seen their documents…unless their boss was falsifying the documents for us,” he said.

The controversial Mobile Money Interoperability platform which was launched by the Vice President Dr. Mahamudu Bawumia has been executed by GhIPSS for $4million, a huge reduction from the GHC4.6 billion earmarked for the project by the previous administration which was to be executed by Sibtons switch.

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