How Ghana's central bank lost $5bn in one year - BBC News

The country's economic crisis has sparked protests and led to calls for the bank's boss to resign.

1 day agoShareclose panelShare pageCopy linkAbout sharingImage source, ReutersImage caption, Demonstrators in Accra called on the governor of the Bank of Ghana to resignBy Thomas NaadiBBC News, AccraGhana - once touted as a trailblazing African economic success story - is facing an unprecedented financial crisis.

This week, hundreds of protestors took to the streets in the capital Accra, calling on the governor of the Bank of Ghana and his two deputies to resign over the loss of about 60bn Ghanaian cedis ($5.2bn; £4.3bn) in the 2022 financial year.

The demonstration, dubbed #OccupyBoG, was led by the opposition National Democratic Congress (NDC) party. The protesters, dressed in red shirts, scarves and berets, chanted songs and held banners - some reading "stop the looting, we are suffering".

The opposition claims the bank printed money illegally to lend to the government, leading to the depreciation of the currency and crippling inflation.

It has also criticised the bank for spending more than $762,000 on domestic and foreign travel, an 87% increase on the previous year, and $250m on a new office building. The opposition says these figures are recorded in an internal audit.

https://www.bbc.co.uk/news/business-66947202?at_medium=RSS&at_campaign=KARANGA

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