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Charles Adu Boahen relocates to South Africa

Charles Adu Boahen, a former Minister of State at the Finance Ministry, has refuted claims of being a director on the Bank of Ghana (BoG) Board after leaving his ministerial position in November of the previous year.

Sources close to him revealed that he has practically relocated to South Africa for work and frequently visits Ghana for personal reasons before returning.

According to these sources, Mr. Adu Boahen’s inclusion in the BoG’s 2022 Report and Financial Statement as a board member is inaccurate, as he ceased to be a board member after stepping down as a minister. His position on the board was reserved for a representative of the Finance Ministry, which was typically a Deputy Minister or Minister. Since he is no longer a minister, he automatically ceased to be a board member.

It was further clarified that Mr. Adu Boahen’s name appeared in the annual report for the 2022 financial year because he was still a director up until November of that year, which explains his listing in the report.

Last November, President Nana Akufo-Addo terminated Mr. Adu Boahen’s appointment following allegations raised against him in the exposé titled ‘Galamsey Economy.’ The matter was referred to the Special Prosecutor for further investigation.

On another note, the Central Bank has been facing negative attention recently for various reasons. Firstly, Ghana’s government wrote off half of the GH¢77.6 billion owed to the central bank and replaced the remainder with a lower-yielding, 15-year bond. Secondly, the Bank’s annual report revealed an increase in various expenditures in 2022 compared to the previous year, including motor vehicle maintenance/running expenses, staff strength costs, and travel expenses.

The restructuring of domestic debt is part of Ghana’s effort to qualify for the next tranche of a US$3 billion IMF rescue loan, with the focus now shifting to negotiations with external creditors.

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