The Minority Spokesperson on Finance, Dr. Cassiel Ato Forson has accused the Governor of the Bank of Ghana (BoG) of printing extra forex for the nation without approval from Parliament. According to him, the Central Bank has perpetuated illegality which has to be handled.
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."
Addressing the press after the Finance Minister, Ken Ofori-Atta presented the mid-year budget and economic policy of the government to Parliament, Ato Forson mentioned the brand new forex has resulted in the excessive inflation being witnessed within the nation.
"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," he stressed.
He urged the Governor of the BoG not to repeat the illegal motion, however quite search for parliamentary approval when the necessity for the printing of fresh notes arises.
He added: "I want to urge the Governor of the central bank that he has engaged in gross illegality and in future, if he is asked to print money, he should first come to Parliament before he acts."
Source…www.sompaonline.com/Eric Murphy Asare
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