A financial statement is an important record that is validated through an audit to ensure that financial health is intact. The BoG has released different officers to discuss the audit report stating among others that the BoG is not created to make profit and also blaming inflation and exchange rate depreciation as the reasons. The debt exchange program as the major cause of the loss.
The BoG is not created to be making losses that impair it ability to deliver on its mandate. One of the cardinal mandate of BoG is price stability reflecting in lower inflation, lower interest rate and acceptable exchange rate.
Now listen BoG saying loss making doesn’t affect its mandate yet inflation , depreciation and interest are the reasons why the numbers for various items in the financial statements are abnormally very high. Did you fail or not. You claim your mandate is not affected?
The effect of DDEP is based on how much you lent to government. Why did you signed MOU with Ministry of Finance not to lend to government anymore?. BoG was just irresponsible in breaching the rules of lending to government. The DDEP is policy decision supported by BoG and they were aware of the implications.
An advise to BoG
Never downplay the essence of financial statements and audit reports
Never defend your financial difficulties rather appeal to Ghanaians with a roadmap to restoration
The plenty talk is annoying Ghanaians
