A Member of Parliament for Bolgatanga Central, Isaac Adongo has described the Bank of Ghana (BoG) as a lawless entity which sets bad example for corporate governance in the financial sector.
According to him, the BoG in May 2018 breaches its obligation to publish its audited financial statements by March 31 and subsequently had to rectify when it was brought to its attention.
The Member of the Finance Committee of Parliament noted in a statement copied to GhanaWeb that “the Bank of Ghana Act, as amended imposes clear reporting obligations on the Central Bank to report to Parliament, its activities every six months.”
He said, “Section 53 provides that ‘The Bank shall hold all foreign exchange of Ghana and submit a report to Parliament on all foreign exchange receipts and payments or transfers of the Bank in and outside Ghana once every six months.”
In addition, “the Bank, in Section 53 (A) 1, is expected to report as follows; (a) A report on the conduct of activities in the exercise of the mandate of the Bank under section 4 and; (b) A report on any other relevant functions being exercised by the Bank under various enactments.”
He observed that the aforementioned are far-reaching provisions that require the Bank to report to Parliament on the entirety of its functions for scrutiny and Parliamentary oversight over its activities.
Mr Adongo stated further that the laws of Ghana require the Bank to report to Parliament in respect of the first six months at the end of July and the remaining six months at the end of February of the preceding financial year.
“As we speak, we are in March and the BoG is nowhere near Parliament yet Universal banks regulated by BoG are complying with their obligations to report regularly to the Bank of Ghana but BoG cannot comply with its obligations two months after the close of the year. This is why I am calling on every Ghanaian to tell the Bank of Ghana that instead of playing mind games with non-existent $800 million, it should comply with its own obligations to Parliament and answer for its dwindling reserves and the deteriorating health of the cedi,” the statement reads on.
Source: ghanaweb.com
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Did it start in 2017 or it was there during your time in office as well?
pls let's raise the bar on our body politicking and stop playing partisan political tricks. why does NDC always try to bastardize all state institutions when they are in opposition? the NDC is lawless, clueless, and full of incompetent people with an incompetent flag bearer! you guys will know your real smoothness level after the 2020 elections. you will be rejected overwhelmingly by well meaning Ghanaians. Evil planning and blood sucking NDC. God will continue to expose your deeds through your words and actions.
Mr Adonko bitters feel bitter that Bank of Ghana is now lawless.Please any institution that goes contrary to its mandate can be taken to court, so shut your dog eating mouth and take them to court.Daawa
Adongo, when did you know this? Just when you got to opposition in 2years. God forgive you and your likes for st. up!d!ty
Adongo fog boy how did it become lawless?your party was in charge for 8 years and what did you do to discipline it? you see how it is hard when you are bequeathed with lawless and undisciplined estate?ndc never get anything right because their human resources are not of kritical thinkers and they think every Ghanaian has birdbrains like them so they talk anyhow without giving examples of what they did right for the people to examine the 2! ndc think ascending to the highest office of our country and getting power is their birthright so whatever they do during their time is nobody's business but whoever throws them out must be scrutinized and who told them they have that right? haha! Let these people know they are doing more harm than good to their party! the moment they open their mouths bad odour come out which drive people away they should rather talk about their achievement and successes if they have any and that's what Ghanaians want to know but not talkative parrots! I wonder if ndc have been able to assess their failures and why they were booted out and how the elections went and if a lesson has been taken because boot for boot won't help them but debates on how they fared during their time and what their opponents are doing. First of all, look at the trend of voting and why and what they voters look for before voting because I don't think Ghanaians vote anyhow and they can't leave deep and kritical thinkers for birdbrains and create l000*0t and share so the more you choose to insult the more the voters take their decision on who is serious and who is not. We are not going to vote on who can insult more or who can lie more but who can get the work done.