BoG has printed ¢22bn fresh money without the knowledge of Parliament — Minority alleges

The Minority Caucus in Parliament has alleged that the Bank of Ghana has printed ¢22billion fresh cash with the knowledge of Parliament.

Member of Parliament for Ajumako-Enyan-Esiam Constituency, Cassiel Ato Forson made the allegation after the Finance Minister Ken Ofori-Atta presented the 2022 mid-year budget review on Monday July 25.

He said “Between January and June 2022, the Minister responsible for Finance and the government went to the Central Bank, and they encouraged the BoG to print money worth GH¢22 billion. They have printed GH¢22 billion fresh money without the knowledge of Parliament and without informing all of us.”

He added that “I am saddened, no wonder inflation is galloping, no wonder that our reserves position is dwindling. Because when you create new money out of the thin air, what happens is that inflation will go up and obviously because it is new money, you will end up losing your reserves because there would be new consumption. If this trend continues, I won’t be surprised that we will end the year with inflation of about 50 percent.”

 

Mr Ato Forson further said the presentation was “very empty. Everything in this country is not working yet the Minister responsible for Finance appeared before us and said nothing, he failed to address the very concerns of the ordinary Ghanaians.”

“Today, he comes here once again only to tell us that he has missed all the targets he set in the 2022 budget, every one of them, he could not achieve.

“Today, our public debt is in excess of 400billion cedis and yet the Minister in this document fails to talk about the public debt,” the Former Deputy Minister of Finance told journalists after the mid-year budget presentation in Parliament on Monday, July 25.

“We can do it, we have done it before,” he added.