Finance

BoG, finance ministry to sign MoU on central bank recapitalization – Dr. Addison

Bank of Ghana governor, Dr. Ernest Addison, has said discussions have been had with the just-ended IMF Mission team to Ghana on the impact of the Domestic Debt Exchange Programme (DDEP) and the losses incurred on the central bank’s balance sheet.

The central bank in its annual financial statements for 2022 revealed that it had incurred a total loss of some GH¢60.8 billion, additionally leaving a negative equity of GH¢55.12 billion as against a positive equity position of GH¢5.7 billion recorded a year earlier.

The central bank has occasionally attributed the losses to the government’s DDEP which significantly impacted its balance sheet for the period.

To further address the situation, Dr. Ernest Addison said a broad understanding has been reached on the early recapitalization of the Bank of Ghana with an MoU set to be signed with the Ministry of Finance to this effect.

He said: “During the period while the mission was here, we have also addressed some burning issues including the impact of the DDEP on the balance sheet of the Bank of Ghana and we have reached a broad understanding on early recapitalization of the Bank of Ghana and a Memorandum of Understanding between the Bank of Ghana and the Ministry of Finance will be signed to this effect.”

Dr. Addison made this known speaking at a joint IMF, Finance Ministry and BoG presser held in Accra on April 13, 2024, which announced that Ghana had reached a staff-level agreement with the IMF on a second review of the 17th bailout programme.

The central bank governor further said discussions have progressed on the external debt restructuring programme of the government while negotiations with commercial creditors, bondholders and bilateral creditors remain ongoing.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button