Government Planning To Implement BoG Recapitalization Levy – Ato Forson

Source The Ghana Report

The Minority Leader, Dr Cassiel Ato Forson, has disclosed that the government will introduce a Bank of Ghana (BoG) recapitalization levy shortly. 

According to him, this levy will be a tax to recapitalize the central bank since it is on the verge of collapsing.

His comments form part of the National Democratic Congress (NDC) call for the Governor of the Bank of Ghana, Dr Ernest Addison, and his deputies to resign immediately for allegedly mismanaging the institution, resulting in a GH¢60 billion loss in 2022.

Speaking at a press conference on Tuesday, August 8, 2023, Dr Ato Forson described the mismanagement at the Bank of Ghana as unfortunate.

“The IMF has made offers to assist the government in developing a plan for the recapitalization of the central bank. That is why paragraph 18 of Ghana’s Memorandum of Economic and Financial Policy (MEFP) sent to the IMF stated this fact. Let me assure you that very soon, Ghanaians will be made to pay for the Bank of Ghana recapitalization levy, a tax to recapitalize the Bank of Ghana, because the central bank has collapsed virtually,” the Minority Leader hinted.

He criticized the BoG governor for earmarking $250 million on building a new head office while the apex bank struggles to stay afloat.

“Perhaps the more troubling fact is that having brought the Bank of Ghana to this terrible financial state, the governor and his deputies have found it prudent and expedient to invest $250 million (GH¢2.8 billion) on another head office building somewhere at Ridge. In our circumstances, this is the height of insensitivity in the management of the finances of a troubled country,” he lamented.

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