Imani Africa President Demands Accountability for Bank of Ghana’s GH¢60 Billion Loss

Franklin Cudjoe, the President of the Imani Africa, has called for accountability for the BoG’s GH¢60 billion loss in 2022. Cudjoe demanded that those responsible for the substantial financial loss be held accountable through surcharging to recover the funds.

Criticism of Central Bank’s Actions

Cudjoe criticized the Central Bank for what he deemed irresponsible behavior and a neglect of its mandated duties. He directly attributed these actions to the significant financial loss. In an interview with Selorm on The Big Issue on Citi TV, he expressed concerns about the lack of accountability. He stated, “If you are suggesting to us that because you supported the government and so the loss should be taken, then you are simply saying that your fundamental duty as an independent arbiter in disputes among government institutions should be thrown to the dogs.”

Call for Surcharging and Resignations

Cudjoe argued that imposing surcharges on individuals found responsible for financial irregularities during an audit is a standard practice. He emphasized the importance of considering the resignation of the Central Bank’s governor and deputy governors. He also called for the resignation of any other parties involved in the losses, in the context of potential surcharges.

Emphasis on Financial Accountability

Highlighting the significance of financial accountability, Cudjoe pointed out, “The auditors were quite clear about the mandate of the Bank, and as to why all these infractions are coming out tells me one thing, that the right procedures were not adopted by the central bank, and if that is the case, why are we running around to get a solution? What I know is that if you are audited as an independent organization and certain infractions are found, you are surcharged, so my point is, are we not supposed to be looking at that direction as well?”

Cudjoe’s call for accountability extends beyond calls for resignations. He also advocated for serious consideration of surcharging individuals responsible for the substantial loss. This he said could serve as a means of recovering the significant amount of money involved. In the midst of growing concerns and discussions surrounding the Bank of Ghana’s financial loss, Cudjoe’s stance adds weight to the conversation about ensuring transparency, responsibility, and rectification within the financial sector.