BoG governor will be deposed by Parliament for financial violations.

The minority caucus in parliament is asking the Speaker, Alban Sumana Kingsford Bagbin, to compel Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), to testify before the House’s Finance Committee about a number of alleged violations.

The Minority has accused the Governor has broken several laws, including the requirement to file and publish financial accounts every 15 days and to publicly disclose assets and liabilities at the end of each month.

At a news conference in parliament on Wednesday, Isaac Adongo, the deputy ranking member of the finance committee, stated that the BoG has been in clear breach of this rule for about six months.

failing banks

According to Mr. Adongo, it is surprising that the central bank is breaking its own Act after the BoG brought persons before the courts for violating the BoG Act, which caused the collapse of some.

“He should understand that he would be held to the same level of accountability.”

He has the option to choose between cutting his losses and abiding by the law or continuing to violate his own Act and knowing that the long arm of the law is waiting for him.

He should also keep in mind that crime never dies, he added.

Warning

Mr. Adongo reminded the bank’s board of directors and auditors that they might both be equally responsible for overseeing the needless depreciation of the bank’s assets resulting from reckless lending and money printing to the government, adding that this would be looked into.

Such inquiries, according to him, would show whether these auditors follow accepted procedures or not.

We shall take corrective action if we discover in the future that the auditors and the board of directors were involved in hiding the true state of affairs at the BoG.

“Those steps include reporting these auditors to the regulatory bodies that govern their works,” Mr. Adongo said.

Evasion

He declared that the Finance Committee and the Caucus will work together to make sure the BoG appropriately reported on its management.

“By tomorrow or at the latest Friday, my lawyers will write officially to the BoG to comply with the law,” he stated.

The representative for Bolgatanga Central, Mr. Adongo, claimed that the BoG had avoided testifying before the Committee for the previous two to three years.

He claimed that the committee had to write to him before he could begin submitting his report, but he never showed up for their meetings.

There is nowhere for him to hide.

He cannot act recklessly, cause bank failures, make our way of life impossible due to excessive inflation, interest rates, and depreciation, and then act as though everything is fine, ” he remarked.

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