Member of Parliament for Builsa South, Dr. Clement Apaak, has taken a swipe at the Bank of Ghana’s governor, Dr. Ernest Addison, over the latter’s claim that the bank was not set up to make profit.
The MP quizzed the governor about why he could make such comments when he had caused the problem.
At a press conference on Monday, August 21, 2023, the governor stated that it was important that we place the central bank’s policy mandate ahead of profits.
The BoG governor continued, “We must recognise the special character of Central Banks and the role they play in an economy.
He explained that even with a negative equity position, the bank could continue to be effective in the administration of the country’s economy.
The governor said the Central Bank’s credibility should be based on its ability to achieve its core mandate of instituting measures that would have a favourable effect on the balance of payments, the state of public finances, and the general development of the national economy.
“It is not money lost by the Bank of Ghana through its operations in 2022. Rather, one should look at this as a reflection of the total cost of the economic and social crisis the country faced over the years and an attempt to resolve a major structural problem of the Ghanaian economy,” he said.
Reacting to these comments, the MP described them as idiotic.
He further slammed him and questioned why the same person could state that they started the headquarters project because the bank made profits.
To him, it makes no sense for him to have said that they made profits in previous years and used some to initiate the project.
But he turned out to make claims that the bank was not set up for profits after his leadership created the mess the bank is in today.
“You criminally make losses of GH60B, and expect us to accept the idiotic excuse that BOG was not set up to make profit? Was BOG set up to make losses? Didn’t you say you started the $250M project because you made profits in 2019, 2020 and 2021? You won’t escape accountability!”