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BoG constructing new multi-million dollar Governor’s residence – Ato Forson alleges

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Dr. Cassiel Ato Forson, the Minority Leader in Parliament, has disclosed the Bank of Ghana’s (BoG) plans to erect a lavish residence for its governor on the grounds where the Bank of Ghana Clinic once stood in Ridge, Accra.

In a statement released on Monday, June 3, Dr. Forson, who previously served as Deputy Finance Minister, voiced his disapproval of the clinic’s demolition, which he believes was intended to accommodate the construction of the governor’s new home.

He lambasted Governor Dr Ernest Addison for greenlighting the construction amidst the BoG’s substantial financial deficits.

Dr. Forson pointed out the staggering loss incurred by the Bank of Ghana in 2023, a figure that reached 150,000% of its declared capital.

He contended that the bank’s dire financial state should preclude such extravagant expenditures as the ongoing construction project.

“In 2022, Bank of Ghana made a colossal loss of over 600,000% of its stated capital of GHS10 million. The Bank made another loss equivalent to 150,000% of its stated capital in 2023. Is this poor record of performance comparable to any central bank?”

“Yet, apart from ongoing construction of a new HQ with about $250 million, the Bank of Ghana is also building a new multi-million dollar residence for the Governor at where the Bank of Ghana Clinic used to be at Ridge in Accra.”

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