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Embattled Ex-Deputy Governor alleges BoG is broke

A former second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama recommended that the government must refinance the Central Bank.

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Dr Johson Asiama play

Dr Johson Asiama

A former second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama has alleged that the Central Bank is in dire financial need and needs to financial support from the government.

“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 the government today,” Dr. Asiama said in an interview with Accra-based Starr FM.

Dr Asiama also spoke on the Mobile Money Interoperability (MMI) and the Vice President’s claim that GhIPSS executed the program with an amount of $4million. This is a huge reduction from the GHC4.6 billion earmarked for the project by the previous administration which was to be executed by Sibtons switch.

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However, Dr Asiama claimed that the regulator borrowed $4 million to the Ghana Interbank, Payment and Settlement System (GHiPSS) to roll out the mobile money interoperability platform.

“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.”

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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.

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