We have always known BOG was being mismanaged – NDC

The NDC has claimed that it is not surprised by the present condition of the Bank of Ghana.

The BOG posted a loss of over GHC 60 billion and a negative equity position of GHC 55 billion, which it reasoned was due to haircuts it had to absorb in the government’s domestic debt exchange programme (DDEP).

But, addressing the press on Tuesday in their “Moment of Truth” series, the party stated as follows: “For us in the NDC, this disaster did not come as a surprise. We in the NDC Minority have always known that the Bank of Ghana was being mismanaged.”

“The NDC party is on record as having informed Ghanaians on countless occasions that the Bank of Ghana has been on a dangerous trajectory, and indeed, it has now become a crime scene with dire consequences for all of us”, they added.

Labeling the governor of the BOG, Dr. Ernest Addision, the party slammed the Bank for reckless lending of money to the government beyond legal requirements, resulting in unsustainable debt levels and an unfavorable credit position for the government.

“After the inept and clueless Finance Minister overborrowed and got Ghana locked out of the capital market due to our unsustainable debt obligations, the NPP government chose the easy, reckless, lazy, and criminal path of printing money.”

The party also took a swipe at the Economic Management team, particularly Vice President Dr. Mahamudu Bawumia and Finance Minister Ken Ofori-Atta.

Additionally, the NDC gave Dr. Addison and his two deputies up to 21 days to step down, or they would invade the BOG and pressure them to leave office.