Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has come under fire from broadcaster Dr. Randy Abbey for allegedly printing more than GHC41 billion in new currency for the government in 2022.
Speaking during his Good Morning Ghana programme on Wednesday, February 8, 2023, Randy Addy said that the BoG, which is supposed to be regulating the country’s financial sector, appears to be breaking all the rules in the sector.
“The issues of the central bank and what we keep hearing about what the central bank is doing is extremely troubling, and it must worry anybody living in this country.
“As we speak, per the IMF programme, we are told that now the government has printed GHC41.9 billion, which is about $3.3 billion. This is money the central bank has printed for the government against all the rules.
“The level of seeming recklessness and lawlessness, and irresponsibility when it comes to the operation of the central bank and the lack of transparency is getting worrying,” he said.
He said that the BoG in 2022 denied the claims of some members of the minority caucus, including the current Minority Leader, Dr Cassiel Ato Forson, that it was illegally printing money for the government, but it turns out the claims are true.
He added that the central bank using back doors to print more money is one of the reasons why Ghana continues to see high rates of inflation.
The broadcaster called on Parliament to summon the governor of the BoG to explain why it keeps flouting the Constitution of Ghana.
Randy Abbey made these remarks while reacting to a Bloomberg report that indicated that the BoG printed GHC41.9 billion for the government in 2022. The central bank is yet to respond to the report by Bloomberg.
The Member of Parliament for Afigya Kwabre North and a member of the Parliamentary Select Committee of Finance, Collins Adomako-Mensah, said that the House did not approve the printing of the GHC41.9 billion by the central bank.
Source: Ghanaweb