The Member of Parliament for Tano North and Ranking Member on Parliament’s Finance Committee, Dr Gideon Boako, says recent adjustments to the Cash Reserve Ratio (CRR) by the Bank of Ghana have vindicated his earlier position on the impact of monetary policy decisions on the Bank’s financial performance.

In a Facebook post on Thursday, May 21, Dr Boako recalled that he had earlier warned that the Bank of Ghana’s audited financial statements would show significant losses, a claim he said was dismissed at the time by government communicators. He noted that the eventual publication of the statements confirmed his assertion.

He argued that the losses were largely driven by policy changes, particularly revisions to the CRR on foreign currency deposits, rather than explanations previously offered by authorities such as the “cost of stability”.

According to him, the Bank’s recent reversal of parts of the CRR framework strengthens his argument.

Dr Boako further stated that he expects additional developments in the banking sector in relation to foreign exchange deposits in the coming months.

“Later this week, I’ll share what I expect to happen in the banking system regarding FX deposits from next month. They’ll call it a lie again, but it will happen. I observe in whole and analyse in whole,” he wrote.

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BoG CRR Adjustment Was Right – Dr Gideon Boako

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