The Bank of Ghana (BoG) is well-respected outside of Ghana but has been making a number of errors, according to famous economist Kwame Pianim.
Mr. Pianim believes that Bank representatives ought to have met with members of the Finance Committee of Parliament to explain the catastrophic situation the nation was in and to provide them with information on the suggested course of action.
He claimed that if this meeting had taken place, the controversy surrounding the Bank’s assistance to the government would not have existed.
“The Bank of Ghana is respected outside but they are making mistakes,” he said.
He added, “They should have alerted the entire committee of the chair about the challenges and that we are going to print money.”
Mr Pianim further indicated that Ghana is in a deep crisis.
“Where we are now is difficult, we have never been there before, we need to sit up now and, we are not on the road yet we haven’t turned the corner,” he said.
It is noted that Ken Ofori-Atta, the finance minister, assured Parliament that the administration had overcome its economic difficulties.
On Monday, July 31, he stated during the presentation of the 2023 mid-year budget review that the government had made great efforts to prevent empty store shelves for medicines and other necessities, and that there had been no food shortages in the nation.
“We have been spared the frustrating spectre of long queues for fuel at our filling stations; and, we have managed, in spite of all the challenges, to keep the lights on,” he said.
“Indeed, as the Psalmist said (in Psalm 118:23) this is the LORD’s doing; and it is marvellous in our eyes.
“This ‘turning the corner’ is underpinned by the investments and sacrifices we have
collectively made during this difficult period since March 2020,” he added.