“Mahama never engaged in fraction of this nonsense,” says Franklin Cudjoe about BoG’s GH¢60bn loss

• Aug 9, 2023

Franklin Cudjoe, the President and Founder of IMANI Africa, has criticized the government for the significant losses incurred by the Bank of Ghana, comparing it to the tenure of former President John Dramani Mahama.

He stated that during Mahama’s presidency, such massive losses were not recorded, implying that the current situation is worse.

Cudjoe’s comments come in the context of a GH¢60 billion loss incurred by the Bank of Ghana in 2022, largely attributed to the Domestic Debt Exchange Programme (DDEP) and other financial actions. The central bank’s holdings of government debt were restructured, leading to impairments and revaluation losses, resulting in a negative equity position.

The losses have led to calls from the Minority in parliament for the resignation of the Governor of the Bank of Ghana, Dr. Ernest Addison. The situation has also raised concerns about the financial health of the central bank and its impact on the country’s economy.

Cudjoe’s comparison of the current situation with the past administration reflects the political dimension of the issue, with various stakeholders using it to criticize or defend different political leaders and parties.