Former President John Dramani Mahama suggested that the Governor of the Bank of Ghana is using the Domestic Debt Exchange Programme (DDEP) to hide the alleged mismanagement of the central bank.
According to the National Democratic Congress (NDC) Flagbearer, the Bank of Ghana (BoG) justified that GH₵53.1 billion out of the total GH₵60 billion loss was due to the government's Domestic Debt Exchange Programme (DDEP).
According to a statement from the BoG, "In 2 months, the Bank of Ghana lost $500 million in reserves and built significant overdraft with the government as a result of the auction failures. It became clear that Ghana was on an unsustainable path, and the Government had to approach the IMF for support in July 2022.
“The IMF process included putting into place a credible programme of reform, which included restructuring the total government debt to sustainable levels. Until the Staff Level Agreement with the IMF was reached in December 2022, the Bank of Ghana had to continue to provide the necessary support to keep the economy running” the statement added.
Reacting to this on his Facebook post, Mahama wrote: "An incompetent Finance Minister damages the economy and uses Covid-19 and Ukraine/Russia war as cover-ups. A pliant Governor destroys the Central Bank and seeks to use the Domestic Debt Exchange (DDE) as a cover"
Source: Peacefmonline.com
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Under his administration, Mahama was handling out monies to bank owners including Ato Essien to improve their banks liquidity positions but were sharing them as dividends. What did you Mahama and Ato Forson do? Nothing. I am surprised you are wading into this. During COVID, you were sharing money to become popular and Nana Addo government did what most governments around the world did to help their citizens. Now, it is time to build back. Mahama, what are plans? The least said the better. You will lose again.
You have the field to yourself and you still can not tell us what you will do… only playing on the opponent’s weaknesses. You wait till November when Bawumia is elected flag bearer.
Ah, this man is also talking about the BOG? Free speech is good, else! Mr. Incompetent........
the incompetent finance minister used covid -19 and Russia- Ukraine war as an excuse, can John Mahama enlighten us on what was the excuse his competent finance minister used to bankrupt our economy before he left office?
Mahama is very funny paa
Why not, you never thought of coming back to the political scene after your embarrassing defeat in 2016, fortunately for you, you sat back to observe how things were going and said, if this is what is currently happening, then i was a saint thus your desire to want to stage a comeback. Someone's failure to listen to sound advice has given you a field day to play wide. But for these, you will not have the courage to be throwing salvos at the IMF minister and governor of the central bank.
Ahhhhh....is this Mahama speaking? Indeed 'talk is cheap!'