Govt won’t introduce recapitalisation levy for Bank of Ghana – John Kumah

He said such a policy is not in the offing and Ghanaians should disregard the reports with contempt.

In a post on social media, the Minister said the reports are mere propaganda by the opposition National Democratic Congress (NDC).

“Ignore this funny NDC propaganda about the collapse of the Bank of Ghana (BoG). BoG is Solid! The NDC is funny! It’s not true that a recapitalization levy is to be introduced for BoG, the Central Bank hasn’t collapsed,” he said.

“The main source of income to the Bank is from government transactions i.e. fees and charges on all government transfers, the bank’s investments in marketable instruments and also earnings from non-marketable holdings of the Bank.”

Kumah added: “Such propaganda and unnecessary attacks at the central bank only results in increased market volatility, panic selling of assets, and can trigger chain of events that can affect our overall economic stability.”

The Minority in Parliament on Tuesday among others called for the resignation of the Governor of the BoG, Ernest Addison and his two deputies over what it described as mismanagement after the bank posted losses totalling GHC60.81 billion for the 2022 financial year.

This compares to a profit of GHC1.23 billion recorded in the 2021 financial year.