Mahama Ayariga, the MP for Bawku Central, has requested that the Bank of Ghana (BoG) disclose information on the losses in the 2023 financial statement and the rising costs of its head office within a week, as per section 18 of the Right to Information Act 2019 (Act 989).

The BoG reported a loss of GH₵10.5 billion for the financial year ending in 2023. The primary reason for this loss was a significant increase in total interest expenses on open market operations by the Central Bank, which increased by GH₵6.7 billion during the review period.

In August of the previous year, the BoG also defended its new $250 million headquarters.

Samuel Okudzeto Ablakwa, the MP for North Tongu, had made public documents asserting that the original cost of the planned new head office for the Bank of Ghana was approximately US$82m, contrary to the US$250m currently being quoted by bank officials.

In a statement released on Monday, June 3, Mr Ayariga stated, “I write on the instructions of the Minority Leader of Parliament to request for the following information: Detailed particulars of the status of the write-offs made in respect of government’s indebtedness to BoG.

“Reasons for the combined losses of approximately GH70 billion as stated in the BoG’s financial statements for 2022 and 2023. The status of the further expenses on the infamous head office building which costs keep escalating.”

He further asked for “Reasons for recording a policy rate of 30% in 2023 as this is the highest record of policy rate in the last 20 years. Detailed particulars on the costs of the new construction at the premises of the old BoG clinic. Reasons for the total currency issuance expense of GH688.87 million as stated in BoG’s financial statement and annual report for 2023.”