Politics

Akufo-Addo government the worst ever – Kwakye Ofosu

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A former Deputy Communications Minister has berated the Akufo-Addo/Bawumia government over their handling of the Ghanaian economy.

Felix Kwakye Ofosu insists that the current government has committed economic atrocities against the Ghanaian people.

In a tweet on Monday, August 7, Mr Kwakye Ofosu said the most recent of these atrocities is the Bank of Ghana’s continuous lending to the government – which is crippling its activities.

According to him, this illegality if not checked, will lead to dire consequences for the country’s economy.

“Akufo-Addo and Bawumia have committed economic atrocities, the latest being forcing the Bank of Ghana to lend tens of billions of Ghana cedis to government against the law, and leading to the former’s insolvency.”

He thus described the Akufo-Addo administration as “the worst government ever!”

The Annual Report and Financial Statements of the Bank of Ghana showed it recorded a loss of ¢60.8 billion in 2022.

The Central Bank’s record loss is coming after it posted a ¢1.2 billion profit in 2021.

According to the Annual Report and Financial Statements, the loss is attributed to a decline in the Group’s net worth position due to the impact of the Domestic Debt Exchange Programme (DDEP) and impairment of some assets.

Again, its total liabilities and subsidiaries exceeded its total assets by ¢54.52 billion.

In 2021, the Central Bank recorded a surplus of ¢5.72 billion.

However, the central bank has attributed the loss to the controversial Domestic Debt Exchange Programme (DDEP).

The Central Bank said the losses are not due to irresponsibility on its part.

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