The parliamentary minority group has elevated strain on the federal government over the delay in submitting the Financial institution of Ghana’s (BoG) 2025 audited monetary statements to parliament.
The caucus warned that failure to adjust to the deadlines set out within the Ghana Banking Act may very well be a violation of the legislation.
The problem was raised on the ground of Parliament on Friday by Mr Kojo Oppong Nkrumah, Member of Parliament for Ofoase Airebi and Senior Member of Parliament’s Committee on Financial Growth, throughout a debate on parliamentary enterprise for the final week of Might.
This newest growth comes amid weeks of intense political debate over the Financial institution of Ghana’s 2025 audited accounts, sparking heated exchanges between the ruling NDC and opposition NPP over the true scale of the central financial institution’s losses and the state of the economic system.
The minority group has repeatedly accused the federal government and the bulk caucus of making an attempt to politicize and management public notion of the Financial institution’s monetary state of affairs earlier than Parliament formally receives and discusses the official report.
Mr. Kojo Oppong Nkrumah questioned in Parliament why the audited report of the Financial institution of Ghana was not scheduled to be tabled within the Home of Representatives despite the fact that the statutory deadline below the Financial institution of Ghana Act had already expired.
In accordance with him, Part 58, No. 612 of the Ghana Banking Act clearly outlines the method and timeline for submission of audited accounts of the Central Financial institution after the tip of a monetary yr.
He defined that by legislation, the Financial institution of Ghana is required to finish and submit its audited annual accounts inside three months to the Minister of Finance, who should make sure that the accounts are printed within the Official Gazette, with feedback, after which submitted to Parliament.
Mr. Oppong Nkrumah identified that Parliament has already handed April, the fourth month after the tip of the monetary yr, and is now within the final week of Might, with no point out of the Financial institution’s accounts being formally introduced to the Home of Commons within the Parliament’s enterprise report.
The previous data minister expressed concern that if the accounts weren’t opened throughout the required interval, parliament and the chief risked violating the legislation.
He due to this fact appealed on to the bulk chief to make clear whether or not the federal government intends to submit a report back to Parliament throughout the set deadline.
“Part 58 of the Ghana Banking Act requires the financial institution’s annual audited accounts to be submitted to the Minister of Finance inside three months of completion in order that they are often printed within the Official Gazette, commented on and posted within the Home of Commons,” he stated.
“April is over, so it is the fourth month. Subsequent week is the final week of Might. And within the enterprise and paper displays of the week, you will not see it there,” Oppong Nkrumah pressured.
“I wish to ask the leaders whether or not it’s inside their consideration and I wish to warn them that they are going to be in breach of article 58 if they don’t comply,” he added.
The issues raised by the minority comply with earlier accusations that the federal government and the parliamentary majority tried to form public notion of the World Checking account by political press conferences earlier than Parliament formally obtained the doc.
Earlier this month, the bulk social gathering caucus held a press convention to defend the Financial institution of Ghana’s reported working losses of GGN15.6 billion, arguing that the prices mirrored deliberate financial stabilization measures to assist management inflation, stabilize the cedi and rebuild overseas trade reserves.
Nevertheless, the minority subsequently challenged the numbers and interpretations supplied by the federal government, arguing that the precise losses have been considerably greater when different complete revenue losses and gold buying and selling changes have been included.
The dispute has since advanced into one of the vital contentious financial debates in parliament this yr, with opposition lawmakers accusing the federal government of making an attempt to cover the central financial institution’s full monetary state of affairs.
Responding on the ground of the Home, Chief Mahama Ayariga acknowledged the issues raised by Mr. Oppong Nkrumah and guaranteed the Home that he would instantly interact each the Minister of Finance and the Governor of the Financial institution of Ghana on the problem.
He stated the federal government remained conscious of the authorized schedule for the Financial institution’s submission of accounts.
“Financial institution of Ghana, thanks for bringing it to our consideration. I’ll test the schedule and this afternoon I’ll carry it to the eye of the Minister of Finance and the Governor of the Central Financial institution to make sure that we don’t default on the schedule,” Ayariga stated.
The Majority Chief additionally disclosed that he personally met with the Governor of the Financial institution of Ghana in the course of the recess of Parliament and guaranteed him that the Financial institution of Ghana would adhere to the required schedule and submit the report.
He additional steered {that a} ultimate dialogue on the report would yield vital nationwide curiosity attributable to continued discussions on financial administration and monetary sector efficiency.
“I do know you guys are very all for discussing this report, however after all, why not? It is a crucial report and contemplating all the nice indicators that we see within the fiscal administration of the nation, this report might be an fascinating doc to debate,” Ayariga stated.
