Bank of Ghana’s negative equity should not come as a surprise – Minority
Member of Parliament for Offinso North and a member of Parliament's Economy and Development Committee, Fred Kyei Asamoah, says current concerns about the Bank of Ghana's negative equity should not come as a surprise, insisting that questions surrounding some of the central bank's operations had been raised years earlier.
MP Fred Kyei Asamoah, a member of the Economy and Development Committee, addressed concerns about the Bank of Ghana's negative equity, stating that such issues were not new. During a recent appearance on Joy FM's Top Story, he questioned why the Minority's assertion that the central bank was technically insolvent was being treated as a novel development.
Asamoah recalled that similar concerns had been raised in the past, yet attempts to subject them to broader parliamentary scrutiny had failed. He alleged that when seeking a bipartisan parliamentary group to explain the bank's programs and prevent further financial losses, the Majority had blocked these efforts. The MP also highlighted Ghana's recent economic reforms under the IMF-supported programme, noting that the country had undergone a painful restructuring process aimed at restoring macroeconomic stability.
Asamoah cited the Bank of Ghana's domestic gold purchase programme, arguing that some of the policies adopted by the central bank had long been subjects of concern. He stressed that Parliament and policymakers must learn from past experiences to avoid repeating mistakes. Asamoah described the current situation as a "steroid-infused game" and emphasized the need to address underlying structural issues.
His comments come as there is renewed debate over the Bank of Ghana's financial position and whether its negative equity constitutes technical insolvency.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
