Economic and policy experts on Monday, May 4, locked horns on Joy FM’s Super Morning Show over recent audit findings that revealed significant losses at the Bank of Ghana.
The discussion focused on what the losses mean for the economy and whether the central bank’s recent policy interventions have been justified.
Chief Executive of Dalex Finance, Joe Jackson, defended the Bank’s position, arguing that the losses should be viewed in the context of efforts to stabilise the economy during a difficult period.
However, Kojo Oppong Nkrumah, Member of Parliament for Ofoase-Ayirebi and former Information Minister, disagreed. He criticised the Bank’s financial standing, saying parts of its mandate appear to have fallen short and calling for urgent recapitalisation.
He also questioned the Bank’s strategy of injecting liquidity to drive inflation down from over 20 per cent to below 5 per cent, describing the approach as a short-term fix that fails to address deeper structural issues.
On the other side of the debate, Atta Issah, MP for Sagnarigu, defended the central bank, insisting its actions align with standard global central banking practices and were not improper.
Adding an academic perspective, Professor Godwin Bokpin of the University of Ghana cautioned that the long-term cost of current policy decisions would ultimately fall on taxpayers.
He also criticised both the New Patriotic Party and the National Democratic Congress, accusing them of benefiting politically from the central bank’s balance sheet adjustments instead of pursuing more sustainable economic management strategies.Economic and policy experts on Monday, May 4, locked horns on Joy FM’s Super Morning Show over recent audit findings that revealed significant losses at the Bank of Ghana.
The discussion focused on what the losses mean for the economy and whether the central bank’s recent policy interventions have been justified.
Chief Executive of Dalex Finance, Joe Jackson, defended the Bank’s position, arguing that the losses should be viewed in the context of efforts to stabilise the economy during a difficult period.
However, Kojo Oppong Nkrumah, Member of Parliament for Ofoase-Ayirebi and former Information Minister, disagreed. He criticised the Bank’s financial standing, saying parts of its mandate appear to have fallen short and calling for urgent recapitalisation.
He also questioned the Bank’s strategy of injecting liquidity to drive inflation down from over 20 per cent to below 5 per cent, describing the approach as a short-term fix that fails to address deeper structural issues.
On the other side of the debate, Atta Issah, MP for Sagnarigu, defended the central bank, insisting its actions align with standard global central banking practices and were not improper.
Adding an academic perspective, Professor Godwin Bokpin of the University of Ghana cautioned that the long-term cost of current policy decisions would ultimately fall on taxpayers.
He also criticised both the New Patriotic Party and the National Democratic Congress, accusing them of benefiting politically from the central bank’s balance sheet adjustments instead of pursuing more sustainable economic management strategies.