Dr. Philip Abradu-Otoo

The Bank of Ghana's decision to reduce government debt by 50 per cent has been touted as a crucial move that averted economic collapse and impressed external partners. Dr. Philip Abradu-Otoo, Director of Research at BoG, highlighted that the bank's action sends a positive signal to international observers, who were closely monitoring the situation before committing to their own debt treatments. "With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that they needed to see what will happen to the Bank of Ghana and now that they’ve seen that,…

Director of Research at the Bank of Ghana has provided some clarity over claims by the Minority in parliament over what they describe as the banks’ failure to file financial statements for nearly six months. According to Philip Abradu-Otoo, Section 58(1) (b) of Bank of Ghana Act 2002 (Act 612) requires the Bank to submit to the Minister for Finance an annual report of the Bank for the year and publish same within the six months from the end of the financial year to which the annual report relates. "The reporting obligation is to the Minister of Finance. Recognizing this fact, the Bank of Ghana informed…