Ghana lost over GH¢150 billion to corruption and illicit printing of money — Afaglo

The Chief Executive Officer (CEO) of Marrer Ghana Limited, Susatgad Boat Building and Fishing Industries, Novihoho Afaglo has revealed that Ghana lost over GH¢150 billion to corruption.

Nana Addo, Novihoho Afaglo and Dr Ernest Addison

According to him, the money were lost from 2020 to 2023 through thievery and illicit printing of money under the Bank of Ghana under the supervision of Dr. Ernest Addison as the BoG boss.

In a statement, Afaglo said the government led by President Nana Addo Dankwa Akufo-Addo is lackadaisical to recuperate.

The Minority Leader in Parliament and Member of Parliament for Ajumako/Enyan/Essi­am, Dr. Cassiel Ato Baah Forson said the Central Bank has been "grossly mismanaged" and was on the verge of collapse after it reported a GH¢60.8 billion loss and a GH¢55 billion negative equity in its 2022 Annual Report and Financial Statement.


Some Ghanaians said after painstakingly studying the damning revelations contained in the 2022 report and financial statements of the Bank of Ghana, it has concluded that the Central Bank is in the unprecedented mess it presently finds itself because of crass mismanagement by the Addison-led Board and management.

They hold the view that the illegal printing of money by BoG in the years 2021 and 2022 to the tune of GH¢77 billion to finance the recklessness of the corrupt Akufo-Addo/Bawumia/NPP government, in flagrant disregard of section 30 of the BoG Act is the height of irresponsibility and must be condemned by all well-meaning Ghanaians.

However, Dr.Ernest Addison, has said no procurement laws were broken in the building of the bank's new head office in Accra.

According to him, the decision to put up a new modern office for the Central Bank is not a recent idea, and it had been on the table since 2013.


He made the remarks at a press conference in Accra on Monday, August 21, 2023.

He explained that the Bank of Ghana as far back as the 1990s began the search for suitable and secured land for a new head office and that in 2012, the Bank was allocated an unnumbered 5.19-acre land at Accra Central by the Lands Commission which also had issues.


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