Accra, Ghana – Members of Ghana’s parliamentary majority have countered accusations from the minority that the Bank of Ghana’s (BoG) GH¢14.61 billion paid to commercial banks in 2025 represented a transfer of public wealth. The majority argues this figure reflects the necessary cost of monetary stability, not mismanagement or undue enrichment of private banks.
Context of the Debate
The controversy stems from the Bank of Ghana’s audited accounts, which revealed significant interest payments made to commercial banks. The minority caucus had previously alleged that these payments enabled banks to achieve record profits by holding BoG bills, a move they claimed discouraged lending to the private sector, hampered economic activity, and exacerbated unemployment.
Majority’s Rebuttal to Minority Claims
Atta Issah, the Sagnarigu MP and a member of Parliament’s Finance Committee, strongly refuted the minority’s interpretation. He described their view as an oversimplification of complex monetary policy processes, misrepresenting both the purpose and the impact of these BoG payments.
Mr. Issah asserted that the audited accounts do not support the claimed causal link between the payments and the banks’ profits or reduced lending. He pointed to specific notes within the audited statements, such as Note 35 detailing sterilization instruments and Note 10 outlining interest costs, neither of which, he argued, explicitly connect the increase in payments to a single policy change or reserve requirement adjustment.
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