Banking Consultant Nana Otuo Acheampong has come forward to offer support to the Bank of Ghana and its governors.
In response to the Minority’s demand for the resignation of the Central Bank’s Governor and his deputies due to alleged mismanagement of the bank and unauthorized printing of money to support government spending, Nana Otuo Acheampong defended the Governor, Dr. Ernest Addison, stating that he had not erred in agreeing to write off 53.1 billion cedis of government debt stemming from the Domestic Debt Exchange Programme (DDEP).
During an appearance on PM Express, Nana Otuo Acheampong asserted that the Bank of Ghana is not obligated to seek parliamentary approval before making such decisions.
“There was zero financing in 2017, 2018, 2019 and 2021. It was only in 2020 that there was no zero financing and 2022 because of the International Monetary Fund, IMF.
“The 2020 one, Covid is accepted and the legislators are there, they know what should have happened. Is it the Bank of Ghana which has to make the application or the Ministry of Finance? Bank of Ghana doesn’t stand on its own, it stands under the Ministry of Finance. So if they have a beef, then I would have thought the gun should be directed at the Ministry of Finance but not at Bank of Ghana because they are under the Ministry.
“So if they have to go to Parliament to seek any breach of the law or an exception, then the Ministry will do that and not Bank of Ghana,” he argued.
The Member of Parliament for Bawku Central, Mahama Ayariga, holds a contrary viewpoint.
He maintains that the Bank of Ghana’s failure to notify Parliament amounts to a violation of the BoG Act, and as a result, the Governor should face the repercussions.
“The Bank of Ghana Act poses a responsibility on the Central Bank to be an adviser to the government on financial matters, fiscal matters, monetary policies. The Central Bank is supposed to be advising.
“First and foremost, his [Governor’s] failure in advising government not to create the financial mess that has ultimately affected the Central Bank itself is something that we should be holding him accountable for. And as far as we are concerned, the law says that he should come and inform Parliament. So, I don’t know where and in which law he [Nana Otuo Acheampong] has been told that the Central Bank is under the Ministry of Finance.“
In the meantime, the Minority in Parliament remains resolute in its call for the Governor’s resignation.
During an appearance on the Super Morning Show, Samuel Okudzeto Ablakwa, the MP for North Tongu, affirmed that the Minority, along with other demonstrators, holds the expectation that a new Governor will address the issues within the Central Bank.
“If a new governor takes office, we don’t expect that new governor to continue on this reckless path.
“A new governor will not continue with this Bank of Ghana project which is now around 300 million dollars in a time of crisis. No responsible leader will do that, so a new governor will address that matter.
“A new governor will now decide to follow the law and will not print money illegally to the tune of 77 billion. I mean, you print money illegally to the tune of 77 billion and still manage to make losses of 60.8 billion, so where did the money go?” he quizzed.
“All the illegal printing, where did that money go? What was it used for? So a new governor, new deputies will be law abiding. They will not embark on this total recklessness. So it is the first step” he argued.