BoG is broke – Asiama

Business News of Wednesday, 16 May 2018 Source: The former Dept. Governor says the Central Bank’s finances are in a dire situation A former second Deputy Governor...

Business News of Wednesday, 16 May 2018


Bog Ert The former Dept. Governor says the Central Bank’s finances are in a dire situation

A former second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama has indicated that the Central Bank is in a poor financial state and needs immediate financial support from government.

Dr. Asiama made the revelation on Starr Today Tuesday evening in response to government’s claim that the regulator borrowed $4 million to the Ghana Interbank, Payment and Settlement System (GHiPSS) to roll out the mobile money interoperability platform.

According to Dr. Asiama, who exited the Central Bank last December, the Bank is not in a position to raise more than that amount since its finances are in a dire situation.

“GHIPSS is saying the Bank of Ghana lent them that money…4 million dollars, I can understand, however, if it amounts significantly above that, Bank of Ghana cannot [support] because I know their resources.

“The Bank of Ghana is actually in dire financial need, if there is anything that the Central Bank needs today, it is for government to refinance the Central Bank because their reserves are dwindling…that is what they need from government today,” Dr. Asiama said.

Dr. Asiama also stated that the interoperability platform deal was not awarded to GHIPSS because the company had been running at a loss since it was founded.

“They were always involved and you could talk to their management. We involved them deeply. GHIPSS did not have the financial muscle to execute the project…I had seen their documents…unless their boss was falsifying the documents for us,” he said.

The controversial Mobile Money Interoperability platform which was launched by the Vice President Dr. Mahamudu Bawumia has been executed by GhIPSS for $4million, a huge reduction from the GHC4.6 billion earmarked for the project by the previous administration which was to be executed by Sibtons switch.

Source: Ghanaweb news

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