The National Democratic Congress (NDC) will convene a press conference on the Bank of Ghana’s (BoG) 2022 Annual Report and Financial Statements today, Tuesday, August 8.
Dr. Cassiel Ato Forson, Minority Leader, and Ajumako Anyan-Essiam MP will address the press conference.
Known as the Moment of Truth series, it will take place at 2:00 p.m. in Accra at the NDC headquarters.
BoG incurred a loss of GH55.12 billion in 2022, primarily due to the government’s Domestic Exchange Programme (DDEP) after its non-marketable holdings of the government of Ghana instruments, including long-term securities, a COVID-19 Bond, and an overdraft, were subjected to a 50% haircut.
The Central Bank’s other claims (holdings of marketable instruments) were exchanged under comparable terms to those of other financial institutions under the DDEP, resulting in a 2022 impairment of GH48.40 billion.
In addition, the Bank incurred revaluation losses on its foreign assets and liabilities as a result of exchange rate depreciation, resulting in a total equity loss of GH55.12bn in 2022.
However, according to the NDC, the central bank’s 2022 Annual Reports and Financial Statements contain additional damning information that requires public attention.